TradingView Data Analysis with ChatGPT: IB Range Analysis

How to Download Data from TradingView and Use ChatGPT for Analysis

Today, we’ll explore an intriguing process: downloading data from TradingView and analyzing it using ChatGPT. The focus will be on examining the Initial Balance (IB) range in trading, addressing questions like:

  • What percentage of the time does the price take out the IB high?
  • What percentage of the time does it take out the IB low?
  • How often does it take out neither or both?

Let’s walk through the steps together.

Step 1: Preparing and Exporting Data from TradingView

  1. Set the Chart to a 1-Hour Interval: Switch to a 1-hour chart so the first candle of each trading day represents the IB range. This simplifies identifying the high and low for the initial balance.
  2. Compress and Export the Data: To maximize the data download:
    • Compress the chart to fit as much historical data as possible on the screen.
    • Export the data using the “Export Chart Data” option. Repeat this process multiple times to gather a statistically significant dataset.
    • Note: Using longer timeframes like 1 hour allows for more data compared to shorter intervals like 1 minute.
  3. Combine the Data Files: If exporting multiple files, they need to be merged. Download all datasets, ensuring sufficient historical range for your analysis.

Step 2: Analyzing Data with ChatGPT

  1. Upload and Merge Files: Use the Advanced Data Analysis feature in ChatGPT. Upload the downloaded files, and instruct ChatGPT to:
    • Merge the files.
    • Convert Unix time into a readable format.
  2. Ask Key Questions: Start analyzing the data. Example queries:
    • Daily Range Analysis: What is the difference between the highest high and the lowest low each day? What is the average daily range? (Expected result for ES: ~50 points.)
    • IB Range Analysis: What is the average difference between the high and low of the first hour each day? (Expected result: ~26 points.)
    • Day-of-Week Trends: What are the average ranges for each day of the week? (Statistical differences may not always indicate a tradable edge.)
  3. Exploring Probabilities: Use the IB high and low as benchmarks to analyze probabilities:
    • Taking Out the High: What percentage of days take out the IB high? (~66% expected.)
    • Taking Out the Low: What percentage of days take out the IB low? (~61% expected.)
    • Staying Within the IB Range: What percentage of days stay inside the IB range? (~2% expected.)
    • Taking Out Both High and Low: What percentage of days break both the IB high and low? (~29–30% expected.)

Observations and Applications

The results align with previous data analysis, confirming consistency. Probabilities like a slight edge for IB highs (~66%) over lows (~61%) can inform trading strategies. Using ChatGPT for such analysis saves time and provides insights directly from your exported data.

MORE INFORMATION:

Website: MicrosTrader.com
YouTube: MicrosTrader
Free Foundations Course: MicrosTrader Academy

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