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PRECISION PROBABILITY INDEX WITH RENKO CHARTS IN MULTICHARTS 9
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Dear Roger,
the main question is if the Precision Probability Index will work not only on OLHC and candlestick bars but also on Renko bars in Multicharts.
As an "add-on" question I am simply interested in some of the mathematc base of this very interesting and useful sounding indicator - is it based upon normal distribution resp. its probability density which might not the ideal way to describe stock or Forex prices which may be actually based upon something similar to a Pareto distribution?
Best regards
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Yes Precision Probability Index works on any chart type within the MultiCharts platform.
The mathematic base as you call it is not going to be divulged as giving the formula away would defeat the object of selling the product. But I can at least say Pareto logic is not used in the PPI maths.
PPI also works on MultiCharts versions later than 8, which of course includes 9 and above.
Image below Pareto the Italian mathematician and his 80-20 rule
