ProbBelow (Function)
DisclaimerThe ProbBelow function returns the probability that price will fall or remain below a price target. This function is designed primarily for use with Probability Maps.
Syntax
ProbBelow(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 fall or remain below PriceTarget.
Remarks
ProbBelow calculates the probability of price being below 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 110, will be trading at 100 or lower in exactly 30 bars into the future. Value1 will be set to .253:
Value1 = ProbBelow(100, 110, .50, 30);
The above example returns a value of .253 (representing a 25.3% probability).