What's the probability of the next bar being red? How about green? Well, there are many ways to quantify the probability but I am presenting just one stupidly simple (but generally accurate) way to measure it.
Strangely... no one has done this before that I can find. I try to check if someone else has done it first (Pro Tip: Plz do this. We honestly don't...
If you like the script please come back and leave me a comment or find me on the interwebs. I get notified you "liked" it... but I have no idea if you actually use it. So, let me know =)
The script uses the open price as the mean and calculates the standard deviation from the open price on a per candle basis
- Goal: -
To establish a mean based on the Open Price...
Creator: Michael G. Zahorchak.
The Art of Low Risk Investing by Michael G. Zahorchak, 1977. Unfortunately, it's all but impossible to find a copy these days.
The Complete Guide to Market Breadth Indicators by Gregory L. Morris, 2006. A fantastic resource for those interested in Technical Analysis or creating their own trend based system.
copy pasted description..
Minkowski distance is a metric in a normed vector space. Minkowski distance is used for distance similarity of vector. Given two or more vectors, find distance similarity of these vectors.