TTrades Daily Bias

The TTrades Daily Bias indicator identifies and evaluates higher timeframe directional bias based on previous daily and weekly price action. It automates specific technical concepts to determine likely draws on liquidity and tracks the historical success rate of these biases directly on the chart.

Usage

The Usage section describes how the script can be used to establish daily or weekly market direction. The indicator evaluates price behavior relative to the previous day high (PDH) or low (PDL) to assign a bias for the current session.

• Bullish Bias: Established if the previous session closed above its high or if it failed to close below its low after trading through it. The bias targets the PDH.
• Bearish Bias: Established if the previous session closed below its low or if it failed to close above its high after trading through it. The bias targets the PDL.
• Neutral/Inside Bar: If the previous session was an inside bar, the bias defaults to the direction of the prior candle's close (Up = Bullish, Down = Bearish).
• Outside Bar: If price takes both the high and low but closes within the range, no bias is assigned.

Users can visualize these levels via automated lines that change color once the level is "raided" or reached. The indicator also provides visual labels explaining the logic behind each specific bias assignment.

Details

The script operates on a rigid framework inspired by institutional order flow concepts. It tracks two primary metrics to validate the effectiveness of the bias:

1. Success Rate: The percentage of instances where price successfully reached the assigned target level.
2. Close Thru Rate: The percentage of successful hits where price actually closed beyond the level, indicating trend continuation rather than a simple liquidity grab.

The implementation uses higher timeframe arrays to store historical highs and lows, allowing it to calculate statistics over a large sample size. This data is displayed in an on-screen table for quick performance review.

Settings

Bias

• Daily Bias: Enables bias calculations and tracking for the 1-Day timeframe.
• Weekly Bias: Enables bias calculations and tracking for the 1-Week timeframe.
• Show Bias Reasoning: Displays text labels on the chart explaining why a specific bias was chosen.

Plotting

• Bull / Bear Bias Colors: Sets the color for bullish (green) and bearish (red) bias indicators.
• Plot Daily/Weekly Bias: Toggles the visual bias status bars at the top or bottom of the chart.
• Bias Location: Selects whether the bias status bars appear at the Top or Bottom of the workspace.

Style

• Before / After Hit Colors: Customizes the color of level lines before they are touched and after they have been raided.
• Stop Extending Lines After Hit: When enabled, horizontal lines will terminate once price touches the level.
• Day/Week Separator: Toggles vertical lines to visually distinguish between different sessions.

Table

• Show Statistics: Toggles the detailed statistical table (Success Rate, Close Thru Rate, and Sample Size).
• Position / Size: Adjusts the location and scale of the data table on the screen.

FAQ

How is the "Success Rate" calculated? The success rate is the total number of times price reached the targeted level (PDH or PDL) divided by the total number of times that specific bias was assigned.

Why does the table show "0%" or no data for some timeframes? Statistics depend on the available historical data on your chart. If you are on a very low timeframe with a limited lookback, the sample size may be too small to generate significant data.

How do I access this indicator? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.