This is an experimental study based on multi-timeframe price action and a simple average.
Use it to quickly identify MTF support and resistance, and high probability price levels.
NOTE: Because higher timeframe levels are not certain until the interval is closed, refresh your chart as new levels are drawn.
// The script is useful to inspect probability:
// If previous day closed at lowest price for several days
// how often next day would be red bar
// As one can see gray lines indicate bars with lowest close. If next bar is green, increment diff_hi, overwise increment diff_lo
// Probability is counted as diff_lo / (diff_hi+diff_lo)
// One can copy script and...
This is a very simple script... it does not necessarily create signals. It only provides useful feedback via statistics & probability.
There will be a green background if there are two green bars in a row, and it will stay green until two red bars show up (in which it switches color to red until two green bars show up again).
The fuchsia arrows show the double...
Co-variance is a representation of the average percent data points deviate from there mean. A standard calculation of Co-variance uses One standard Deviation. Using the empirical rule, we can assume that about 68.26% of Data points lie in this range.
The advantage to plotting co variance as a time series is that it will show you how volatility of a trailing...
This is Covariance on Covariance. It shows you how much a given covariance period has deviated from it mean over another defined period. Because it is a time series, It can allow you to spot changes in how covariance changes. You can apply trend lines, Fibonacci retracements, etc. This is also volume weighting covariance.
This is not a directional indicator nor...
This script shows the average count of 'up bars' vs. 'down bars'. It is intended for statistic and probability purposes only. It does not include high or low price in the calculation - only the open and close prices are used.
Under settings, click "show difference" to see the difference between the two averages. This can also be called positive/negative drift....