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Hi, the following idea is based on Larry Williams' studies
in case anyone is familiar with it. I would like to replicate his studies where
he calculated what are the probabilities of a daily upclose (or viceversa for the bearish side) compared to the distance %
from the open of the bar to the low where the % is referred of the previous daily range.
e.g. if after the open, price moves down a 20% of the previous daily range, there is around a 80% probability of an upclose. Or if after the open price moves down 40% of the previous daily range, there is a reduced probability of an upclose. This tells us that the lower it goes the lower the probabilities are of an upclose. These were just the easiest examples which I tried to describe as easy as I could, all I want to do with the code is figuring out what these probabilities are based on the different scenarios, please let me know if anything is not clear.
Can you help answer these questions from other members on NexusFi?
what happens if price gaps up or down, it is braking news that is driving price , and or yesterdays range was not normal ( example very very small or large ) ?
Hi, I think narrow range days were not taken in consideration, same as gaps as they rarely since the futures market trades 24 hours. I am now reading Crabel's book and I think I found what I was looking for, I still want to figure out how to do it myself with EasyLanguage.
Thank you for your reply.
