Multi-Level Candle Bias Tracker
Indicator
878 downloads
Version 1.0, Jan 2025
Windows, Mac
5.0
Reviews: 1
Description
Pinescriptlabs Store indicators: Pinescriptlabs Store cBots : (cBot) Gold & BTC BreakoutSession Pivots(new)
Trailing Smart Algorithm (New)
Prediction Based on Linreg & ATR
SmartTrend Support &
Resistance
Lines
Dynamic
Market Structure
Analysis
of
Turning
Points
Fibonacci
Linear
Regression
Multi-timeframe
Auto
Support and
Resistance
Trend
Lines
All
Support and
Resistance
Levels
This algorithm determines the likelihood of the price reaching a new high or low and represents it as a level on the chart, accompanied by its corresponding percentage. This calculation is backtested, and the results are displayed in a table, making it easy to understand the probability of the next candle setting a new high or low. ππ
How does it work? π οΈ
- Probabilities of New Highs and Lows π―
- The algorithm analyzes past price behavior to calculate the probability of the price making a new high or low in the next candle.
- For example, if the probability of a new high is 70%, itβs more likely the price will go up. β¬οΈ
- Levels with Percentages π
- It draws horizontal lines on the chart representing key levels, along with a percentage indicating the probability of the price reaching that level.
- These levels are calculated using a percentage you define (e.g., 1%).
- Statistics Panel π
- It shows how many times the price has reached those levels (successes) and how many times it hasnβt.
- It also provides an effectiveness percentage, telling you if those levels have been reliable in the past. β β
What is it for?
- Understand price direction: Helps you know whether the price is more likely to go up or down in the next candle. β¬οΈβ¬οΈ
- Manage risk: If a level has a low probability, you can avoid it to reduce risky decisions.
How would you use it?
- Observe the levels: Look at the lines the algorithm draws on the chart. π
- Check the probabilities: If a level has a high probability (e.g., 70%), itβs more likely the price will reach it. π
- Use the statistics panel: Review whether those levels have worked well in the past to decide if you trust them. π
Summary
AI summary
The Multi-Level Candle Bias Tracker is an indicator that calculates the probability of the price reaching a new high or low in the next candle. It analyzes past price behavior to determine these probabilities and displays them as horizontal levels on the chart, each accompanied by a percentage indicating the likelihood of the price reaching that level. Users can define the percentage threshold for these levels (e.g., 1%).
The indicator includes a statistics panel that shows how many times the price has successfully reached these levels versus how many times it has not, along with an effectiveness percentage reflecting the reliability of these levels based on historical data.
This tool is designed to help traders understand the likely direction of price movement in the next candle and manage risk by avoiding levels with low probabilities. Users apply it by observing the drawn levels, checking their associated probabilities, and reviewing the statistics panel to assess the historical performance of these signals.
Supported markets include commodities, cryptocurrencies (e.g., BTCUSD), and other symbols. The indicator integrates probability-based analysis into price action trading to assist in decision-making regarding potential breakout or trend continuation scenarios.
The indicator includes a statistics panel that shows how many times the price has successfully reached these levels versus how many times it has not, along with an effectiveness percentage reflecting the reliability of these levels based on historical data.
This tool is designed to help traders understand the likely direction of price movement in the next candle and manage risk by avoiding levels with low probabilities. Users apply it by observing the drawn levels, checking their associated probabilities, and reviewing the statistics panel to assess the historical performance of these signals.
Supported markets include commodities, cryptocurrencies (e.g., BTCUSD), and other symbols. The indicator integrates probability-based analysis into price action trading to assist in decision-making regarding potential breakout or trend continuation scenarios.
Indicator profile
Customer reviews
5.0
Reviews: 1
5 | 100 % | |
4 | 0 % | |
3 | 0 % | |
2 | 0 % | |
1 | 0 % |
Customer reviews
July 14, 2025
Pros: Visualizes candle bias across multiple timeframes. Clean interface, helpful for multi-TF trend confirmation. Cons: No alerts or tooltips. Bias logic is basic. Lacks template saving and signal confirmation features.
Discussion
FAQ
BTCUSD
Breakout
Supertrend
Commodities
RSI
Crypto
XAUUSD
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Price
Since 03/10/2024
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