Probability Meter Indicator for MT5 Download – Free – [TradingFinder]

The Probability Meter Indicator, by integrating several technical indicators across multiple timeframes, displays the percentage probability of price changes.

This trading system not only provides an overall outlook of the probable market direction but also measures the strength of signals and the volatility of currency pairs.

In addition, it delivers combined outputs of widely used tools such as the MACD and Stochastic indicators to traders.

Specification Table of the Probability Meter Trend Indicator

The specifications of the Probability Meter indicator are presented in the following table.

Probability Meter Indicator at a Glance

The Probability Meter trend indicator, based on its internal calculations, issues buy or sell signals in the form of percentages along with color display.

The functionality of this tool works as follows: it first identifies the probable direction of market movement as either "Long" or "Short", and then indicates the strength of each signal with a percentage.

Bullish Signal

According to the EUR/CHF pair chart on the 1-hour timeframe, the indicator issued a buy signal with approximately 64% strength.

In addition, confirmation indicators such as MACD and Stochastic turned orange, relatively supporting the trend.

Bearish Signal

Based on the EUR/USD pair chart analysis, the Probability Meter indicator issued a sell signal with approximately 45% strength in the respective box.

Furthermore, other auxiliary indicators and confirmation tools supported the bearish market movement.

Probability Meter Indicator Settings

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

Box_settings

• ShowValuesOnly: Display values 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 a set of common technical analysis tools such as MACD and Stochastic, displays the probability of price changes in percentage along with a color code.

This indicator first identifies the probable market direction in two states "Long" or "Short", and then presents the signal’s strength and validity through color and percentage.