MT4 Probability Meter Indicator Download – Free | Forex Indicator Download – MetaTrader 4 Resources – MetaTrader 4 Resources

The Probability Meter indicator shows the probability of a price move in percentage terms by combining multiple indicators on different time frames.

This trading tool not only shows the overall market trend probability and indicator strength, but also provides users with the results of the following tools: MACD and Stochastic indicators, as well as the range of currency pairs.

Probability Meter Trend Indicator Specification Sheet

The table below contains the specifications of the Probability Meter Indicator.

Probability meter indicator at a glance

The Probability Meter trend indicator gives buy and sell signals in the form of percentages and colors based on its calculations.

Signal generation in this indicator works as follows: it first displays the market direction as "Long" or "Short" and then specifies the signal strength with a percentage value.

Bullish Signal

According to the Silver/USD (XAG/USD) chart on the 30-minute time frame, this indicator is issuing a buy signal with 55% strength.

Furthermore, the confirmation values ​​of MACD and Stochastic turned green, confirming the signal.

Bearish Signal

According to the New Zealand Dollar/USD (NZD/USD) chart, the Probability Meter indicator has issued a sell signal with a strength of 45% in its dedicated box. Moreover, complementary instruments also confirmed the bearish trend.

Probability meter indicator settings

The settings for the Probability Meter trend indicator are as follows:

Box_settings

• ShowValuesOnly: Only displays values, no color bars
• X_box: Set the horizontal distance of the box position
• Y_box: Set the vertical distance of the box position

MACD_settings

• Fast_EMA: period of fast exponential moving average
• Slow_EMA: The period of the slow exponential moving average
• MACD_SMA: period of simple moving average

Stoch_settings

• K_period: K line period number
• D_period: number of periods of D line
• Slowing: Random slowing factor

Colors_settings

• Colorsymbol: Color of symbols and indicator icons
• Colorfont: color of text label
• Colorline: The color of the indicator drawing line
• Colorvalues: Color of percentage values ​​and numbers

Alert_setting

• SignalAlert: Enable signal alert
• SendAlertEmail: Send alerts via email
• Alert_Trigger: Set the threshold level for issuing an alert

Conclusion

The Probability Meter indicator, using a variety of standard tools such as MACD and Stochastic , displays the probability of a price movement in percentage and color.

The trading tool first identifies the market direction as "long" or "short" and then displays the signal strength in percentage and color.