Daily bias is one of the most powerful tools when it comes to intraday trading.
Ttrades published a youtube video, in which he showcases his mechanical way of determing the daily bias based on ICTs and the MMXM Traders Teachings. This indicator is based on those concepts.
The rules for this indicator are simple.
scenario 1 - first line of table Close above previous days high gives a bullish bias. Close below previous days low gives a bearish bias.
scenario 2 - second line of the table Wick below previous days low and close within previous days body or above gives a bullish bias. Wick above previous days high and close within previous days body or below gives a bearish bias.
"Bullish" bias is valid until previous daily high (pdh) is reached. "Bearish" bias is valid until previous daily low (pdl) is reached.
If none of the above mentioned conditions is met OR the target (pdh/pdl) is reached, the bias is set to "Neutral".
On the daily timeframe, probabilities are visible on the table to reach pdh when the bias is "Bullish" or to reach pdl when the bias is "Bearish".
If the bias is bullish, the ideal buy would be below ny midnights opening price. If the bias is bearish, the ideal sell would be above the ny midnights opening price.
Thank you for your dedication in putting this together. However, I have a question on its interpretation. In NQ today, the bias is Neutral Bulish, what does that mean?
cool however, today (Tuesday premarket) it shows PDL for Sunday around 23:45, please fix... can you add PWH/L and PMH/L ? also would welcome to be able to edit color and text size
lachlan2707
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Hi it delays can u fix it thx
KnowWhy99
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Thanks dude looks good
Forex-Sean
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Would you mind making the script public please ? I'd like to edit it so I can channel through different timeframes
mahh7
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Hello,
Can you put the script in open source code so I can copy the code on my PC please?
mazi1984
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idea for improvement, can the script show PWL/PWH and PML/PMH?
danielbooth007
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Great indicator, Thank you. I've been drawing these on manually daily so you have saved me a job. 2 suggestions. Can you make it so the colour and thickness of the lines can be changed and can you make it so on Input/show previous daily H/L - we can choose how many days back it will show (I like to see the past 5 days daily HL's on my charts for example, anything else is noise). Great work.