Similar idea from the MarkovChains EA is used to create this indicator. With this indicator, you can observe the probability of prices going up for multiple timeframes for up to 5 Markov chains.

Unlike the EA version, indicator only looks for ups and downs and counts them with a given number of Markov chains, then prints the probability of prices going up on a table. Indicator shows these probabilities for 5-minute, 15-minute, 30-minute, 1-hour and 4-hour time intervals. You can set where the buy/sell signals occur by choosing appropriate probabilities. For your convenience probabilities will be painted accordingly.

Input parameters

• number_past_bars—Set it to a sufficiently large integer so that the indicator can go back that much bars to start counting.

• buy_probability—Set it to a number between 0 and 1, so that if the up probabilities exceeds that number, indicator can signal an up prediction.

• sell_probability—Set it to a number between 0 and 1, so that if the up probabilities gets below that number, indicator can signal an down prediction.

Since the indicator just show the up probabilities buy_probability must be larger than sell_probability.

• sufficient_pattern_count—Set it to a positive number so that if the total count of price pattern on the past bars is above this number, EA allows a signal.

This indicator counts the patterns which is very resource consuming for computers. If you experience frequent freezing on your MT4 trading platform, try decreasing the number_past_bars