Breakout Probability
The indicator calculates the probability of a new high or low and displays it as a level perfectly on your chart. This indicator is hugely useful for all kinds of Traders!
Breakout Probability (Expo) is a valuable indicator that calculates the probability of a new high or low and displays it as a level with its percentage. The probability of a new high and low is backtested, and the results are shown in a table— a simple way to understand the next candle’s likelihood of a new high or low. In addition, the indicator displays an additional four levels above and under the candle with the probability of hitting these levels.
The indicator helps traders to understand the likelihood of the next candle’s direction, which can be used to set your trading bias.
The algorithm calculates all the green and red candles separately depending on whether the previous candle was red or green and assigns scores if one or more lines were reached. The algorithm then calculates how many candles reached those levels in history and displays it as a percentage value on each line.
What is Breakout Probability?
Breakout Probability is a powerful free indicator on TradingView that helps traders to understand the likelihood of the next market direction. This insight is super useful! Traders get an instant understanding of the next move and can act accordingly.
How to Use The Breakout Probability Indicator?
We at Zeiierman Trading have seen tons of creative and unique ways to take advantage of this amazing indicator. One way is to use the indicator to set your Trading bias. Let’s say that you analyze the higher timeframe, the daily chart, and you have a 70% probability of a bullish move, then it makes sense to only look for long trades in lower timeframes. Use it together with our False Breakout Indicator to confirm that a false breakout is valid!
To get you started using this indicator we have created a FREE Course that is gradually updated with new cool trading setups. Make sure to check it out here: Enroll now!
Trending Indicator on TradingView
This indicator is one of the most popular ones on TradingView! It was the number 1 trending script for weeks! Check this out!
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