Price Move exceed % Threshold & BE Evaluation -Tom1trader
https://www.tradingview.com/chart/OsBXckpZ/#
Category is difficult with this one. I chose ROC as the closest as this measures the historical % of a given change amount.
This indicator is in a separate panel above or below the main chart. I use it only for Options trading to help with probability reckoning.
Use it (at your own risk) and the code freely and please ask any questions, glad to add detail / clarify and glad to know if you see I screwed something up. :-)
1. Plots when a percent move per candle is exceeded +exceeded is an "x" at top of panel and - is an "x" at panel bottom.
2. Plots (at last candle only) prices that are the selected % above and below the current close with thick black lines. TIP: For this to work best, in chart settings
"Scales" tab, check the "Indicator last value" and "No overlapping labels" check box.
3. Sums the number of times it occurs in a given number of candles ("Bars to sum . ." input).
TIP: On longer time frames (month+) reduce the length ("Bars . . sum" input) until get sums% plot.
4. Plots green and red lines for plus and minus sums as a percentage.
User inputs:
***** BTW did you know you can customize the time frame so one candle is (for example) 3 trading days?
1. Set the time frame of chart - NOTE this can be customized to what you need by scrolling to the bottom and adding the time frame you want i.e. 3 days or 2
weeks per candle. Remember these are trading times so 21 calendar days are 3 weeks or 15 trading days.
2. Choose the % threshold default 2% (+1.02 and its inverse for -) steps are 1/10th of a % (.001).
3. Choose the sum length("Bars . . sum . ") from 10 to 100 in number of candles.
Bottom line you can see the historical percentages and prices for a given percent move or can dial in a given break even (plus , minus or both) to see its past % occurrence and % move. One has to take into account changes in the market which show up clearly from the x above or below showing each occurrence (example: See more hits ("x"s) recently? Sum for recent length only to get more accurate reflection of market now.). Anyhow it is fun to play with and is part of how I do my own probability reckoning.
Category is difficult with this one. I chose ROC as the closest as this measures the historical % of a given change amount.
This indicator is in a separate panel above or below the main chart. I use it only for Options trading to help with probability reckoning.
Use it (at your own risk) and the code freely and please ask any questions, glad to add detail / clarify and glad to know if you see I screwed something up. :-)
1. Plots when a percent move per candle is exceeded +exceeded is an "x" at top of panel and - is an "x" at panel bottom.
2. Plots (at last candle only) prices that are the selected % above and below the current close with thick black lines. TIP: For this to work best, in chart settings
"Scales" tab, check the "Indicator last value" and "No overlapping labels" check box.
3. Sums the number of times it occurs in a given number of candles ("Bars to sum . ." input).
TIP: On longer time frames (month+) reduce the length ("Bars . . sum" input) until get sums% plot.
4. Plots green and red lines for plus and minus sums as a percentage.
User inputs:
***** BTW did you know you can customize the time frame so one candle is (for example) 3 trading days?
1. Set the time frame of chart - NOTE this can be customized to what you need by scrolling to the bottom and adding the time frame you want i.e. 3 days or 2
weeks per candle. Remember these are trading times so 21 calendar days are 3 weeks or 15 trading days.
2. Choose the % threshold default 2% (+1.02 and its inverse for -) steps are 1/10th of a % (.001).
3. Choose the sum length("Bars . . sum . ") from 10 to 100 in number of candles.
Bottom line you can see the historical percentages and prices for a given percent move or can dial in a given break even (plus , minus or both) to see its past % occurrence and % move. One has to take into account changes in the market which show up clearly from the x above or below showing each occurrence (example: See more hits ("x"s) recently? Sum for recent length only to get more accurate reflection of market now.). Anyhow it is fun to play with and is part of how I do my own probability reckoning.