So I have been listening to Rob Mitchells Oil Trading Room (yes....I know he also had some bad reviews in the past - but please lets keep focusing on whats important as I am
Not endorsing his room in any shape or form!) - and noticed an interesting study he had performed on various 30 min bars (see below the YouTube clip (scroll to 27:00 for the specific probability walk concept):
I am wondering if anyone has used such a study (reminds me a bit of the Initial balance studies ) but more expanded.
I understood that the A period (30 min) has about 82%+ probability of being the extreme HIGH or Low for that period - failed to understand if the C period (3rd bar) would surpass the B or the A periods or BOTH. He also mentions the potential range / remaining range and the relationship to -1 and -2 which are the Pre- Market bars (but I think shorter than 30 min).
Also, is there an indicator to help perform and update such studies in an easy way ? Would love to hear from people who use / used these or build these statistics.