Forex Probability Indicator

I’ve been following the development of FerruFx’s Probability Meter for trading Forex with MetaTrader 4.  To be quite honest, I find this to be a pretty brilliant tool for those of us who like to see in BOLD colors which way to trade.  This tool could easily keep you out of the most disastrous trades by shorting a currency that is clearly strong or buying a currency that is weak.  The Probability Meter will show you not only the direction of the trend but how strongly it is moving in that direction.

Basically, how this indicator works is the user must determine whether or not the individual indicators within the chart align.  The creator says that 75-80% is a  good trigger for an entry, but without a doubt other things should be considered like Fib levels and pivot levels.

Example how you can trade with the Probability Indicator from FerruFx: “attach the Meter on M15 and the 2TFs below (M5 and M1). First, the 2 additional indicators on the 3 TFs must agree. Then watch the numbers of the 3 others indicators (doesn’t matter which TF because the number will be the same). If these numbers are about the ones i suggested in the explanation above, then the Global % would be close to a good entry point. 75% seems to work well but with experience we’ll all find our % which we are confortable with.”

 The Probability Indicator works with the following currency pairs:

EURUSD
GBPUSD
AUDUSD
USDJPY
USDCHF
USDCAD

EURJPY
EURGBP
EURCHF
EURAUD
GBPJPY
GBPCHF
AUDJPY
NZDUSD
NZDJPY
AUDNZD
CHFJPY
EURCAD
AUDCAD

The indicator by itself is only $67.  Check out Forex Forums for a discussion on the Probability Indicator.