The indicator’s name suggests that it is a tool for identifying high-probability trades. It does exactly that. The Probability Meter derives a global percent from a combination standard indicators using a powerful formula. The 13 indicators are spread across seven time frames. In addition, you can choose to add two more indicators when encoding indicators.
The indicator does not require you to understand any complex drawings, lines or information. The indicator’s values are all you need to know. It is suitable for short term trading as it incorporates current feed.
Signals are easy to understand. It tells you first the probability of price direction. Also, you will want to check out other values such as multi info+. A green color with a score above 75 indicates a good buy.
Probability Meter Trading Example
The indicator indicates that a 55% probability exists for an upward trend. This is a very strong bullish sign. The indicator also displays a green colour and a multi info+ value of 85, which is well above 75. This is a clear sign that you are opening a long trade for the currency pair.
The conclusion of the article is:
You can easily tell if you should buy or sell by using the probability meter. The only thing you need to do is read the values. You should be prepared to take long positions if it indicates a buy. You may want to use confirmation. This tool is great for sending a clear signal.