A script that calculates the probability of a limit order being filled based on historical price data, helping traders strategically place orders at specific percentage distances from the last close.
Explore complementary indicator rolesHow it works
The script analyzes historical price data to assess the likelihood of a limit order being executed at a specified percentage from the last closing price. It examines past market behavior to calculate the probability of order fulfillment within a defined number of price bars, taking into account both long and short entry scenarios.
By comparing current market conditions with historical price movements, the script provides traders with a statistical probability of their limit order being filled. Traders can customize the analysis by choosing whether to include price wicks and specifying the desired percentage distance from the last close.
Why it may be useful
This script offers traders a data-driven approach to order placement, reducing the uncertainty associated with limit order execution. By providing probabilistic insights, traders can make more informed decisions about where to set their orders, potentially improving trade entry precision and reducing the risk of missed opportunities.
The tool's ability to calculate fill probabilities for both long and short positions empowers traders to develop more strategic trading approaches. It transforms subjective order placement into a more quantitative process, allowing traders to optimize their entry points based on historical market behavior.
When to explore it
The signal is most effective in markets with consistent price movement patterns and predictable trading ranges. It is particularly useful for traders who want to minimize the risk of order rejection and maximize the probability of trade entry at desired price levels. Traders can leverage this tool in both trending and range-bound market conditions.
The script is especially valuable for traders who employ systematic trading strategies and seek to minimize manual intervention. It can be particularly beneficial for day traders and scalpers who require precise entry points and want to understand the statistical likelihood of their orders being filled.
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What we’ve verified
Access, alerts and repainting behaviour have not been independently verified for this indicator. Check the creator’s current publication and settings.
General descriptions and classifications are recovered research. Verified details above identify the specific checks we have completed. Check the creator’s current publication for later changes.
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