ProbAbove (Function)
DisclaimerThe ProbAbove function returns the probability that price will rise or remain above a price target. This function is designed primarily for use with Probability Maps.
Syntax
ProbAbove(PriceTarget, CurrentPrice, VoltyVal, BarsToGo)
Parameters
|
Name |
Type |
Description |
|
PriceTarget |
Numeric |
Sets a future price value. |
|
CurrentPrice |
Numeric |
Sets the price to be tested against the target price. |
|
VoltyVal |
Numeric |
Sets the annualized volatility of the symbol being tested. |
|
BarsToGo |
Numeric |
Sets the number of bars in the future to consider when evaluating the probability of being above PriceTarget. |
Returns (Double)
A numeric value containing the probability that price will rise or remain above PriceTarget.
Remarks
ProbAbove calculates the probability of price being above some value at a particular point in the future, given the current price, volatility, and time remaining (in bars).
Example
Assigns to Value1 the chance that the symbol, which is currently trading at 100, will be trading at 110 or higher in exactly 30 bars into the future. The following returns .253 (represent 25.3%):
Value1 = ProbAbove(110, 100, .50, 30);
The above example returns a value of .253 (representing a 25.3% probability).