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Often get Breakout or reversal between bars 16 to 18. At b18, around 80% chance we have seen [[LOD]] or [[HOD]]. Al Brooks: “There is nothing magical about 18 bars. I could have picked 16 or 23. The idea is that if the market has been in a range for about 20 bars and it breaks out, there is only a 20% chance that there will be a breakout of the opposite side of the range by the end of the day. Also, if the range is about half of the average recent daily ranges, traders will look for the day’s range to approximately double.” | Often get Breakout or reversal between bars 16 to 18. At b18, around 80% chance we have seen [[LOD]] or [[HOD]]. Al Brooks: “There is nothing magical about 18 bars. I could have picked 16 or 23. The idea is that if the market has been in a range for about 20 bars and it breaks out, there is only a 20% chance that there will be a breakout of the opposite side of the range by the end of the day. Also, if the range is about half of the average recent daily ranges, traders will look for the day’s range to approximately double.” See additional research here: https://bpachat.com/studies/chanceseenhodlod |