OPEN-SOURCE SCRIPT
Candle Height & Trend Probability Dashboard
Description and Guide
Description:
This Pine Script for TradingView displays a dashboard that calculates the probability of price increases or decreases based on past price movements. It analyzes the last 30 candles (by default) and shows the probabilities for different timeframes (from 1 minute to 1 week). Additionally, it checks volatility using the ATR indicator.
Script Features:
Calculates probabilities of an upward (Up %) or downward (Down %) price move based on past candles.
Displays a dashboard showing probabilities for multiple timeframes.
Color-coded probability display:
Green if the upward probability exceeds a set threshold.
Red if the downward probability exceeds the threshold.
Yellow if neither threshold is exceeded.
Considers volatility using the ATR indicator.
Triggers alerts when probabilities exceed specific values.
How to Use:
Insert the script into TradingView: Copy and paste the script into the Pine Script editor.
Adjust parameters:
lookback: Number of past candles used for calculation (default: 30).
alertThresholdUp & alertThresholdDown: Thresholds for probabilities (default: 51%).
volatilityLength & volatilityThreshold: ATR volatility settings.
dashboardPosition: Choose where the dashboard appears on the chart.
Enable visualization: The dashboard will be displayed over the chart.
Set alerts: The script triggers notifications when probabilities exceed set thresholds.
Description:
This Pine Script for TradingView displays a dashboard that calculates the probability of price increases or decreases based on past price movements. It analyzes the last 30 candles (by default) and shows the probabilities for different timeframes (from 1 minute to 1 week). Additionally, it checks volatility using the ATR indicator.
Script Features:
Calculates probabilities of an upward (Up %) or downward (Down %) price move based on past candles.
Displays a dashboard showing probabilities for multiple timeframes.
Color-coded probability display:
Green if the upward probability exceeds a set threshold.
Red if the downward probability exceeds the threshold.
Yellow if neither threshold is exceeded.
Considers volatility using the ATR indicator.
Triggers alerts when probabilities exceed specific values.
How to Use:
Insert the script into TradingView: Copy and paste the script into the Pine Script editor.
Adjust parameters:
lookback: Number of past candles used for calculation (default: 30).
alertThresholdUp & alertThresholdDown: Thresholds for probabilities (default: 51%).
volatilityLength & volatilityThreshold: ATR volatility settings.
dashboardPosition: Choose where the dashboard appears on the chart.
Enable visualization: The dashboard will be displayed over the chart.
Set alerts: The script triggers notifications when probabilities exceed set thresholds.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.