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The Probability Meter indicator displays the percentage probability of a price change by integrating multiple technical indicators across multiple time frames.

This trading system not only provides an overall outlook on possible market directions, but also measures the strength of signals and the volatility of a currency pair.

Additionally, it provides combined outputs of widely used tools such as MACD as well as stochastics for traders.

Probability Meter Trend Indicator Specification Sheet

The specifications of the probability meter indicator are shown in the table below.

Probability meter indicator at a glance

The Probability Meter Trend indicator gives a buy or sell signal based on its internal calculations, in percentage form and color display.

The tool functions as follows: it first identifies the possible direction of market movement as "Long" or "Short" and then expresses the strength of each signal in percentage.

Bullish Signal

According to the EUR/CHF currency pair chart on the 1-hour time frame, this indicator is giving a buy signal with around 64% strength.

In addition, confirmation indicators such as MACD and stochastics turned orange, which relatively supported the trend.

Bearish Signal

According to the EUR/USD currency pair chart analysis, the probability meter indicator issued a sell signal with a strength of approximately 45%.

Additionally, other secondary indicators and confirmation tools also support the bearish market movement.

Probability meter indicator settings

The image below shows the settings panel of the Probability Meter trend indicator:

Box_settings

• ShowValuesOnly: Display values ​​without 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: The period of the fast exponential moving average;
• Slow_EMA: The period of the slow exponential moving average;
• MACD_SMA: The period of the simple moving average.

Stoch_settings

• K_period: K line period number;
• D_period: The period number of D line;
• Slowing: Random slowing factor.

Colors_settings

• Colorsymbol: the color of symbols and indicator icons;
• Colorfont: color of text label;
• Colorline: the color of the indicator line;
• Colorvalues: Colors for 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 common set of technical analysis tools such as MACD and Stochastic , displays the probability of a price change in percentage terms along with a color code.

The indicator first determines the likely market direction "Long" or "Short" for both states and then presents the signal's strength and effectiveness through color and percentage.