In statistics, the first thing we do to understand the data is the calculation of summary statistics, those numbers will help us know a lot about data and the calculation for most summary statistics is very straight forward and when it comes to trading most traders don’t have a clue about the asset they are trying to trade if you ask a Forex trader who actively trade EURUSD how much is the average daily range? most probably he will fail to answer this question, the answer to this question is very important when you trade.
The bars statistics indicator calculates some of the most important summary statistics for available bars, it shows how many bars are loaded on your chart and how many of those bars are bullish/bearish/neutral, not just that, it shows plenty of other statistics which will help you in developing or designing a trading system for that particular asset.
The idea behind this indicator was to help traders know other methods to backtest their trading ideas, we usually use this method to check if an assumption about an asset is true or not, we don’t make a bot for everything, we can just write the code on an indicator and we scan the data and check the probability of our assumption when it was true.
When you are using this indicator try to load as much data as you can on your chart.
- Shows all statistics on a grid inside your chart
- Calculates the probability of getting x number of consecutive bars
- Shows reversal bars probability
- Fully customizable