Range Predictor Indicator - Clever Trading Club

Range Predictor Indicator - Clever Trading Club

2 October 2020, 18:25
Carlos Forero
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PREDICT THE FUTURE MOVEMENT OF THE MARKET

VERSIONS: Metatrader 4

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The indicator predicts, with a specific probability, if the actual candlestick's range will expand or contract compared to the range of a previous candle. Futhermore, the indicator shows the possible high or low of the actual candle, based on trend direction. (Recommeded for Daily, Weekly or Monthly timeframes).


Functions:

  • Determines, with a certain probability, if there will be a volatile candle range expansion or contraction for the actual candlestick.
  • You will know which price levels could be the high or low for the actual candlestick.
  • You can combine the expansion/contraction probability of different timeframes, and with it, determine a possible price direction.


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Components:

Table

  • Classification: Considering the range of a previous candle, which is compared with its previous 7 candles, the indicator will assign a classification between Narrow Range and Wide range (Based Tony Crabbel Book). If the candle range is predicted to be smaller than the previous candle, the indicator will classify it as "NR" (narrow range). On the other hand, if the candle range  is predicted to be bigger than the previous candle, then the indicator will classify it as "WR" (wide range). Finally, the number next to the "NR" or "WR" acronym represents the number of previous candle sticks which were used to make the prediction.
  • Avg. Expansion or Contraction: It will determine the average percentage of range expansion or contraction, that the actual candle will have, compared to the previous one.
  • Probability: Average probability for the actual candle range to expand or contract.
  • Complete: Level of range completion, as a percentage, of the actual candlestick range based on the previous candle range.
  • Possible High or Low: Possible levels that the predicted price could reach, if the actual price candle accomplishes the average percentage of expansion or contraction.


Lines

  • Orange Lines: Shows the possible High or Low for the actual candle stick in the chart.
  • Purple Lines: Shows the previous timeframe price range, within the actual candlestick in the chart.

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USE EXAMPLES

If the indicator predicts a range expansion

You can use this information in many ways, as follows:

  • If you are investing in a strong trend asset, as soon as you see there is a high probability of expansion for the next candle, you can enter a trade in the trend's direction, right after the current candle's open; or you can wait in low timeframes for a trigger from other indicator to occur.
  • You can compare the prediction with other timeframes and make a strategy to define an asset's possible future movements, and enter accordingly.
In the following example, once the last candle closes, the indicator predicts that it exists a 68% probability of expansion for the current candle range, and it predicts that the average of expansion is 172% for the last candle range. The indicator marks with orange lines the probable high and low, based on the actual candle form. So in this case, if you have an indication of strong short trend, you can enter as soon as the current candle opens.


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If the indicator predicts a range contraction

You can use this information in many ways, as follows:

  • You should not expect a high volatile movement, specially if you know during that day, important news are not expected to occur.
  • You can find some reversal oportunities, in low timeframes.
In this example, once the last candle closes, the indicator predicts that it exists a 70% probability of contraction for the current candle range, and it predicts that the average of contraction is 69% for the last candle range. The indicator marks with orange lines the probable high and low, based on the actual candle form. So in this case, you can look for reversal oportunities in low timeframes, and don´t expect high volatility movements.


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