Pullback Probability MT4

The one indicated in the upper left corner shows us a help in which it informs us of the area in which the price is in real time, as well as the percentage that the candle is open.

The indicator marks 6 work zones.

1) Above 80% this area, the price has a high probability of turning, it is an area in which pullback operations must be carried out, selling to bet on the turn.

2) Between 60% and 80% in this zone, the price hits the mark at exhaustion and can turn, although it can also continue to trend.

3) Between 50% and 60% this area is a condensation prior to the trend explosion, it does not allow us to know where the explosion will take place, but it allows us to play with pending orders above and below the price.

4) Between 50% and 40%, this area is a condensation prior to the trend explosion, it does not allow us to know where the explosion will take place, but it allows us to play with pending orders above and below the price.

5) Between 40% and 20% in this area, the price hits the mark at its exhaustion and can turn, although it can also continue to trend.

6) Above 80% this area, the price has a high probability of turning, it is an area in which pullback operations must be carried out, buying to bet on the turn.

Therefore we can use this indicator to operate a pullback in zones 1 (selling) and 6 (buying).

But we can also use it to detect a breakout of a range by placing slopes above or below the range in zones 3 and 4.