We have just released version 7.0 of Fractal Pattern Indicator. In Version 7.0, you can switch on and off Probability Envelope alert and display in your chart.
To switch off Probability Envelope study, set “Use Probability Envelope”= false.
For the information of trader, here is brief description of Envelope study (or Probability Envelope Study). You often hear that our products are 90% and 95% in quality controlled, for example, when you buy smart phone or TV or radio, etc. To understand this, you have to understand what is quality control first. Typically it means the life expectancy of the products. For example, if smart phone was designed for 3.5 years of life expectancy, 95% quality control means that 1 in 20 products we can have life less than 3.5 years. That is it (I am try to be brief to tell the concept around this only. Do not bite for being simple here.)
Probability Envelope Study is basically the methodology of picking up the outlier in the statistical sense. The envelope Study in Fractal Pattern Indicator is picking up the extreme price move that made some sufficient deviation and that allow us to call the move as outlier. Of course, you can use this at our advantage.
We will try to reveal more trading strategy involved with this in next few weeks when the time permits of course.
Anyway, the new version is better than previous one. For the best trading performance, make sure to download the latest version 7.0