OPEN-SOURCE SCRIPT
Streak-Range Probability
Streak × Range Probability tracks two things simultaneously for every candle: how long the current green/red streak is, and how large the candle's range is relative to price.
The range is bucketed into 4 configurable size categories (S/M/L/H) based on the full high-low range as a percentage of price. The thresholds are user-defined, so the indicator adapts to any instrument and timeframe.
Looking back up to 500 candles, it builds a historical probability table showing how often a streak of a given length continued after candles of each range size — broken down as 2→3, 3→4, and 4→5+ continuation rates per bucket.
The purpose is purely observational — to explore whether there is a measurable relationship between candle range size and streak continuation behavior. It is not a trading or betting strategy, and the probabilities shown are historical patterns only so prediction is only hypothetical as suggestion.
The range is bucketed into 4 configurable size categories (S/M/L/H) based on the full high-low range as a percentage of price. The thresholds are user-defined, so the indicator adapts to any instrument and timeframe.
Looking back up to 500 candles, it builds a historical probability table showing how often a streak of a given length continued after candles of each range size — broken down as 2→3, 3→4, and 4→5+ continuation rates per bucket.
The purpose is purely observational — to explore whether there is a measurable relationship between candle range size and streak continuation behavior. It is not a trading or betting strategy, and the probabilities shown are historical patterns only so prediction is only hypothetical as suggestion.
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.
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.
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.