Tutorial 29
This tutorial will cover how to use the 'Probability' indicator.
Add the 'Probability' indicator to your chart.
'Probability' is composed of 75 indicators.
User-friendly as always:
• Blue = More indicators are going up.
- The higher the blue goes = More indicators agreeing in an upward direction.
• Red = More indicators are going down.
- The lower the red goes = More indicators agreeing in a downward direction.
• Brighter colours = Vast majority of indicators agreeing in the same direction.
• White = Weakness/Pullback/Equilibrium.
Option 1.
• Buying the first blue bar/candle, leaving that position open all the way up while it's blue and closing when 'Probability' turns white or red offers a higher probability.
• Short selling the first red bar/candle, leaving that position open all the way down while it's red and closing when 'Probability' turns white or blue offers a higher probability.
Option 2.
• Buying the first blue bar/candle that crosses over 60%▲ 45/75, leaving that position open all the way up while it's blue and closing when 'Probability' turns back under 60%▲ 45/75 offers a higher probability.
• Short selling the first red bar/candle that crosses under -60%▼ -45/75, leaving that position open all the way down while it's red and closing when 'Probability' turns back over -60%▼ -45/75 offers a higher probability.
There are many other settings available. Let's look into it.
Basically, there are 2 main lines/graphs. 'Primary' and 'Secondary'. As a result, 2 graphs are displayed, one inside the other, to increase the odds. By default, 'Primary' is set to 'All (75)' and 'Secondary' is set to 'Dynamics (47)'.
You can set the 'Primary' or the 'Secondary' lines/graphs to 'All (75)', 'Dynamics (47)', 'Technicals (28)', or other packs.
'All' is composed of 75 indicators. (The right scale then goes from -75 to 75.)
100%▲ 75/75 means that all 75 indicators are going up.
-100%▼ -75/75 means that all 75 indicators are going down.
0% 37/75 means that half are going up and half are going down.
For 'Primary' or 'Secondary', you can also select 'Dynamics', composed of 47 indicators. (Template, Strength, Angle, BearBull Powers, Volatility, Volume, ...)
100%▲ 47/47 means that all 47 dynamic indicators are going up.
-100%▼ -47/47 means that all 47 dynamic indicators are going down.
0% 23/47 means that half are going up and half are going down.
For 'Primary' or 'Secondary', you can also select 'Technicals', composed of 28 more sensitive indicators.
100%▲ 28/28 means that all 28 sensitive indicators are going up.
-100%▼ -28/28 means that all 28 sensitive indicators are going down.
0% 14/28 means that half are going up and half are going down.
The volume is at 65%, which means that it's 35% lower than average (average is 100%).
The bar length is of 50%, half the average bar length (average is 100%).
In 'Add-on', add 'Angle Format' to display 'Probability' in the format of the 'Angle' indicator.
Add the 'Intensity' background paint by selecting its source: Primary' or 'Secondary'. For example, choose 'Primary' where 'All' was selected.
As a result, 75 indicators will be used to create the 'Intensity' of the background paint.
Keep the 'Flat' box checked to display a white horizontal line where the maket is flat.
You can also 'Highlight' the flat zones OR the white, red and/or blue areas.
For example, in a downtrend, selecting 'White & Blue' highlights all the pullbacks.
Check 'Max lines' and/or 'Min lines' to display high probability trigger and limit lines.
For example, when 'All' is selected in 'Primary', checking the 'Max Lines' will identify the 60%▲ 45/75 buy zone and the -60%▼ -45/75 short sell zone.
Set your preferred Alert. There are multiple choices.
The 'Primary' and the 'Secondary' alert:
• on every color variation. Vivid Blue, Mid Blue, White, Mid Red, Vivid Red ('5 colors')
• OR on a Blue, White, Red change ('3 colors')
• OR only when the color becomes 'Vivid'
• OR when a percantage is crossed over/under.
Choose to be alerted
• inside the bar (InBar) the moment it happens
• OR only at the end of the bar (BarEnd)
• OR both (BarEnd + InBar).
The default setting is: '3 colors (BarEnd + InBar)'.
• Optionally set the 'Primary + Secondary Alert' to be alerted when the Primary and Secondary lines BOTH match the criteria.
• Optionally check the 'Flat Alert' box to be alerted when the price enters and exits a flat zone.
• Optionally check the 'Spike Alert' to be alerted when the price spikes in opposite direction of the trend.
Create the alert.
1. Select your preferred time frame before creating the alert.
2. Next, move your mouse over the title 'Probability' and click on 'More' options ('3 dots' icon) (OR right-click any line displayed in 'Probability') and select 'Add Alert on Probability'.
3. In 'Condition', select 'Probability' and 'Any alert() function call' (which means: Use the alert(s) already set in 'Probability').
4. Lastly, choose the 'Expiration time' and the 'Alert actions'. Name the alert (short description) and click on 'Create'.
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