Statistical OHLC Projections [neo|]

█ OVERVIEW

Statistical OHLC Projections is an indicator designed to offer users a customizable deep-dive on measuring historical price levels for any timeframe. The indicator separates price into two distinct levels, "Manipulation" and "Distribution", where the idea is that for higher timeframe candles, e.g. an up-close candle, the distance from the open to the bottom of the wick would constitute the Manipulation, and the rest would be considered the Distribution. By measuring out these levels, we can gain insight on how far the market may move from higher timeframe opens to their manipulations and distributions, and apply this knowledge to our analysis.


IMPORTANT: Since levels are based on the lookback available on your chart, if the levels aren't being displayed this likely means you don't have enough lookback for your selected timeframe. To check this, enable the stat table to see how many values are available for your timeframe, and either reduce the lookback or increase your chart timeframe.

█ CONCEPTS

The core concept revolves around understanding market behavior through the lens of historical candle structure. The indicator dissects OHLC data to provide statistical boundaries of expected price movement.

- Manipulation Levels: These represent the areas typically seen as liquidity grabs or false moves where price extends in one direction before reversing.

- Distribution Levels: These highlight where the bulk of directional movement tends to occur, often following the manipulation move.

The tool aggregates this data across your selected timeframe to inform you of potential levels associated with it.

█ FEATURES

• Multiple Display Types: Display statistical data through two sleek styles, areas or lines. Where areas represent the area between two customizable lookback values, and lines represent one average value.
  
• Adjustable Timeframe Selection: Whether you want to see data based on the 1D chart, or the 1W chart, anything is possible. Simply change the timeframe on the dropdown menu and if there is sufficient lookback the indicator will adjust to your requested timeframe.
  
• Customizable Historical Lookback: By default, the indicator will measure the average 60 values of your requested timeframe, however this may be adjusted to be higher or lower based on your preference. If you want to measure recent moves, 10-20 lookback may be better for you, or if you want more data for less volatile instruments, a value of 100 may be better.
  
• Historical Display: Prevent historical levels from being removed by unchecking the "Remove Previous Drawings" option, this will allow you to examine how the levels previously interacted with price.
  
• NY Midnight Anchoring: By checking the "Use NY Midnight" option, you may see the projection anchored to the New York midnight open time, which is often a significant level on indices.
  
• Alerts: You may enable alerts for any of the indicator's provided levels to stay informed, even when off the charts.
  

█ How to use

To use the indicator, simply apply it to your chart and modify any of your desired inputs.
By default, the indicator will provide levels for the "1D" timeframe, with a desired lookback of 60, on most instruments and plans this can be gotten when you are on the 30 minute timeframe or above.

When price reaches or extends beyond a manipulation level, observe how it reacts and whether it rejects from that level, if it does this may be an indication that the candle for the timeframe you selected may be reversing.

█ SETTINGS AND OPTIONS

Customize the indicator’s behavior, timeframe sources, and visual appearance to fit your analysis style. Each setting has been designed with flexibility in mind, whether you're working on lower or higher timeframes.

• Display Mode: Switch between different display styles for levels:  - Default: Shows all statistical levels as individual lines.
   - Areas: Plots filled zones between two customizable lookbacks to represent the range between them.
  This is ideal for visually mapping high-probability zones of price activity.
  
  
• Timeframe Settings:
   - Show First/Second Timeframe: Choose to show one or both timeframe projections simultaneously.
   - First Timeframe / Second Timeframe: Define the higher timeframe candle you want to base calculations on (e.g., 1D, 1W).
   - Use NY Midnight: When enabled and using the daily timeframe, the levels will be anchored to the New York Midnight Open (00:00 EST), a key institutional timing reference, especially useful for indices and forex.
  
  
• Calculation Settings:
   - Main Lookback Period: The number of historical candles used in the statistical calculations. A lower number focuses on recent price action, while a higher number smooths results across broader history.
   - First Lookback / Second Lookback: Used when “Areas” mode is selected to define the range of the shaded zone. For example, an area from 20 to 60 candles creates a band between short- and long-term price behavior averages.
  
  
• Visual Settings:
   - Line Style: Set your preferred visual style: Solid, Dashed, or Dotted.
   - Remove Previous Drawings: When enabled, only the most recent projection is shown on the chart. Disable to retain previous levels and visually backtest their reactions over time.
  
  
• Color Settings:
   Customize each level independently to match your chart theme:
   - Manipulation High/Low
   - Distribution High/Low
   - Open Level
   - Label Text Color
  
  
• Premium/Discount Zones:
   - Enable Premium/Discount Zones: Overlay price zones above and below equilibrium to visualize potential overbought (premium) and oversold (discount) areas.
   - Premium/Discount Colors: Fully customizable zone colors for clarity and emphasis.
  
  
• Table Settings:
   - Show Statistics Table: Adds an on-chart table summarizing key levels from your active timeframe(s).
   - Table Cell Color: Set the background color of the table cells for visibility.
   - Table Position: Choose from preset chart locations to position the table where it works best for your layout.
  
  
• Alerts:
   Stay on top of price interactions with key levels even when you're away from the charts.
   - [+] Manipulation Hits (High)
   - [-] Manipulation Hits (Low)
   - [+] Distribution Hits (High)
   - [-] Distribution Hits (Low)