Probability Meter Indicator for MT4 Download – Free – [TradingFinder]

The Probability Meter Indicator, by combining multiple indicators across different timeframes, displays the probability of price movement as a percentage.

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

Specification Table of Probability Meter Trend Indicator

The following table contains the specifications of the Probability Meter indicator.

Probability Meter Indicator at a Glance

The Probability Meter trend indicator issues 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

Based on the Silver to US Dollar (XAG/USD) chart on the 30-minute timeframe, the indicator issued a buy signal with 55% strength.

Additionally, confirmation values of the MACD and Stochastic indicators turned green, confirming the signal.

Bearish Signal

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

Probability Meter Indicator Settings

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

Box_settings

• ShowValuesOnly: Display values only, without colored bars
• X_box: Set horizontal distance of the box position
• Y_box: Set vertical distance of the box position

MACD_settings

• Fast_EMA: Period of the fast Exponential Moving Average
• Slow_EMA: Period of the slow Exponential Moving Average
• MACD_SMA: Period of the Simple Moving Average

Stoch_settings

• K_period: Number of periods for the K line
• D_period: Number of periods for the D line
• Slowing: Stochastic slowing factor

Colors_settings

• Colorsymbol: Color of symbols and indicator icons
• Colorfont: Color of text labels
• Colorline: Color of indicator-drawn lines
• Colorvalues: Color of percentage values and numbers

Alert_setting

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

Conclusion

The Probability Meter indicator, using several standard tools such as MACD and Stochastic, displays the probability of price movement in terms of percentage and color.
This trading tool first identifies the market direction as "Long" or "Short", and then shows the signal strength with percentage and color.