TTrades Daily Bias [TFO]

How it works

The indicator analyzes price action across daily and weekly timeframes by tracking previous high and low levels. When price closes above the previous day's high (PDH), the next day's bias targets PDH. If price trades above PDH but closes below, the bias shifts to previous day's low (PDL).

Similarly, closing below PDL targets PDL, and trading below PDL but closing above shifts bias to PDH. Inside and outside bar scenarios have specific bias assignment rules based on previous candle's open and close

Why it may be useful

This indicator provides traders with a systematic approach to understanding market bias and potential price direction. By quantifying historical price behavior, it offers statistical insights into the likelihood of price reaching specific levels.

The accompanying data table helps traders evaluate the success rate of bias predictions, showing the percentage of times price reaches targeted levels. This method transforms subjective price action analysis into a more structured and data-driven decision-making process

When to explore it

The indicator works best in markets with clear trend characteristics and consistent price action patterns. It is particularly useful for traders seeking a structured method to assess potential price movements across different timeframes.

Ideal for swing and day traders who want to understand short-term market dynamics. Most effective when used in conjunction with other technical analysis tools and risk management strategies. Traders should be cautious and remember that past performance does not guarantee future results

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