OHLC Statistical Mapping [Pro+] (Joshuuu)

Dive into the dynamic world of statistical market analysis with OHLC Statistical Mapping, designed for statistical traders of all time frames.

OHLC Statistical Mapping° [Pro+]

Concept Introduction

Dive into the intricate world of candlestick analysis with the OHLC Statistical Mapping Pro+! This collaboration with Joshuuu offers a closer look into the historical data of specific candles within an analyst’s chosen timeframe, providing insights for future time and price delivery. Incorporate this interactive tool into your TradingView templates and revolutionize your strategies with data. This advanced indicator goes beyond conventional OHLC representation, incorporating the principles of Inner Circle Trader (ICT) to explore accumulation, manipulation, and distribution candle-by-candle.

ICT traders identify manipulation as the wick opposing to the candle’s close. Analysts can observe manipulation legs seen as a movement to trap market participants in the "wrong" direction, to anticipate a candle's distribution.

When price distributes, it expands for higher or lower prices. Analysts can therefore note distribution levels for a draw on liquidity, retracement, or reversal.

These levels will provide important information about order flow when price trades through them and the sequence in which the delivery occurs.

Additionally, to amplify the price mapping, this tool plots the average Time at which its manipulation and distribution phases should complete. This feature allows traders to utilize historical Timings in conjunction with the price levels of manipulation and distribution.

As with any historical data driven tool, analysts should not expect past behavior to match future performance. This tool was created with a data driven edge to bring attention to when candles are likely to turn after their manipulations, or retrace after completing set distributions.

Indicator Features

  • Average Range Precision: Visualize candlestick data through a sophisticated line and label-based format, facilitating the identification of your manipulation, distribution, and time pivots. Enhance your comprehension of market volatility by graphing the average range of your selected candle timeframe. This metric acts as a compass, steering you towards potential support and resistance areas.

  • Tailored Timeframe Selection: Tailor your analysis by choosing a specific time frame that aligns with your trading strategy, enabling a focused exploration of the candle’s manipulation, distribution, and time in which both levels are hit.

  • Real-time Information Flow: Monitor market developments with instantaneous updates on candlestick statistics. Each candle updates the script with latest OHLC information providing continuous historical data computations, even on timeframes sub 1 minute.

  • Historical Mapping: Easily backtest previous mappings by enabling the historical mapping feature. This feature allows traders to revisit and analyze past market scenarios, offering a valuable tool for refining and validating trading strategies. Choose to show historical labels or remove them, giving ultimate flexibility for journaling.

  • User-Intuitive Interface: Navigate effortlessly through the tool's interface, designed to accommodate advanced traders with keen passion for data driven precision. Effortlessly customize the display settings to match your preferences, ensuring a seamless and personalized experience.

Usage Guidance:

  1. Add OHLC Statistical Mapping Pro to your TradingView chart.

  2. Choose up to 5 timeframes for the mapping to plot on your chart, be sure to adjust your style and visual preferences to differentiate the timeframes’ levels.

  3. Observe how calculated manipulation, distributions, and delivery times align together with predetermined analysis.

  4. Leverage this information with other models and insights to create a stronger narrative for your analysis

General Settings and Extensions

The OHLC Stat Map indicator for TradingView provides traders with a statistical map of Open, High, Low, and Close (OHLC) data over specified timeframes.

Data Calculations

This tool maximizes the available data of your chosen TradingView plan, leveraging it to calculate the projections. Different TradingView plans will affect this tool due to the maximum amount of lookback bars. To learn more about the different TradingView plans and their different features, visit their website.

To achieve the highest level of data calculation and accuracy, the script is coded on the current timeframe for time and price calculations. This means that depending on the current timeframe the values WILL CHANGE.

New York Midnight Open

For charts that track daily candles, analysts have the option to define daily candles based on a midnight-to-midnight cycle, as opposed to the 6pm-to-6pm cycle typical for Futures or other specific open and close times for various instruments. This setting allows the user to switch between using the New York Midnight Open time for reference or adhering to the standard daily candle formation times.

ICT teaches that the true start of the financial day is at midnight in New York Time, the algorithm will base the PO3 formation of the day on this price level.

In bullish scenario's analyst look to position themselves below the midnight open, in bearish scenario's analysts look to position themselves above the midnight open.

Keeping the principles of Accumulation, manipulation and distribution and killzones mind, allows analysts to not only position themselves at a favorable price level, but also a favorable time window.

Line Extensions

When enabled, lines on the chart will extend until the close of the trading timeframe. This allows analysts to see the lines encompassed within the candle’s finished time opportunity. When deselecting this option, analysts will see the lines follow the current candle.

Deselecting the extension option is suggested for mobile users

Automatic OHLC Settings

The Automatic Mode selects three timeframes based on ICT's teachings in the "Essentials to ICT Market Structure" video.

Show Last: Determines how many last points or periods to show for this timeframe.

Delete Old Labels: When checked, old labels are automatically deleted as new ones are formed for selected timeframes.

Custom Timeframe Selections

For complete customization, every price level can be drawn according to your preferences. You have the flexibility to modify the colour, style, and width for each line. Additionally, you can choose the display style, timeframes, and determine the number of historical levels you wish to showcase.

Understanding of OHLC

In ICTs teachings, most candles have a distinct manipulation and distribution.

In the context of a bullish setup, manipulation often appears as an initial downward price action that breaks below the open, falsely signaling bearish intent and stopping out traders positioned for a rise. This 'stop hunt' clears the way for a price ascent, known as distribution, where the market moves up, rewarding those who identified the manipulation and positioned themselves accordingly.

Savvy traders might seek areas of sell-side liquidity at these manipulation levels, where they can match their buy orders at a 'discount' with the higher prices—'premium'—where resting buy orders are likely to be filled.

Conversely, for bearish scenarios, manipulation occurs above the opening price, luring traders into bullish positions before the true distribution takes place below the open, driving prices lower.

This tool is designed to compile data driven insights to average manipulation and distribution movements with visualizations to help traders anticipate potential reversal zones.

When anticipating a bullish candlestick pattern, a trader should monitor the '+Manipulation' and '+Distribution' levels as these represent the thresholds of deceptive downward moves followed by upward price distribution.

In the expectation of a bearish pattern, attention should be turned to '-Manipulation' and '-Distribution' levels, signifying upward manipulation preceding a downward distribution.

Time: When selected, displays historical time calculations on the chart, seen as vertical lines indicating specific manipulation and distribution times.

Align Time and Price for studies congruent with ICT’s Power of Three.

OHLC Statistical Table

This table format divides each timeframe into four quarters, serving as a roadmap illustrating how price evolves over time within the projected levels.

Easily monitor the distribution, manipulation, and opens by reading thee OHLC stat table. When price reaches one of the levels, the grey box will shade.

Table Orientation

Easily style your Time Table and adjust location preferences from the Top, Middle, or Bottom and Left, center, and Right. Additionally, choose your table size that can fit your screen size or device. For best view for Phone and Tablets, analysts should select Tiny or Small, while Desktop Users should select Normal, Large, or Huge.

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