This indicator generates trade entry signals and target levels optimized for 1-hour timeframes, designed for external signal extraction. It calculates 7-period and 16-period EMAs alongside 10-period RSI and ATR filters. Long signals occur when the fast EMA cro
Indicator · Pine Script v6 · Own pane
Bernoulli Process: Trend Probability & Entropy [MarkitTick]
This indicator treats price action, RSI, or moving average relationships as binary Bernoulli trials to estimate trend probability and Shannon entropy over a rolling sample window.
GitHub stars7on the repository
Pine versionv6current
Lines of code117
Settings8inputs
LicenceNone stated
Last update3 months ago24 Jul 2026
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
Bernoulli Process: Trend Probability & Entropy [MarkitTick] calculates the proportion of bullish outcomes and measures market uncertainty in a separate pane. High entropy readings highlight noisy, range-bound regimes, while high or low probability levels indicate strong directional bias. User settings control the trial definition mode, sample window length, visual color themes, and alert parameters.
- Bernoulli trial binary outcome modeling
- Shannon entropy market noise measurement
- Rolling probability window calculation
- Max entropy regime background highlighting
Details
Published by
eddiebelaval on GitHub
Code credit
MarkitTick, as written in the script's header
Type
Indicator, Pine Script v6
Draws
Separate pane below the chart
Category
Oscillators & momentum, Trend, Volatility & bands
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Bernoulli Trial Definition | string | Price Action (Close > Open) | mode |
| Sample Window (N) | int | 20 | length |
| Bullish Probability (p > 0.5) | color | color.new(#00E676, 0) | col_bull |
| Bearish Probability (p < 0.5) | color | color.new(#FF5252, 0) | col_bear |
| High Entropy Zone (Noise) | color | color.new(#787B86, 60) | col_entropy |
| Dashboard Text | color | color.white | col_text |
| Target R:R Ratio | float | 2.0 | risk_reward |
| Stop Loss ATR Multiplier | float | 1.5 | stop_atr |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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