Markov Chains MTF Indicator
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.
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.
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.
Since the indicator just show the up probabilities buy_probability must be larger than sell_probability.
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