Probability Cone is based on the Expected Move. While Expected Move only shows the historical value band on every bar, probability cone extend the period in the future and plot a cone or curve shape of the probable range. It plots the range from bar 1 all the way to any specified number of bars up to 1000.
The area of probability range is based on an inverse cumulative distribution function. The inverse cumulative distribution gives the range of price for given input probability. People can adjust the range by adjusting the input probability in the settings. The entered probability will be shown at the edges of the cone when the “show probability” setting is on.
Probability Cone with different probability input:
Probability cone can be offset for any number of bars as well as locked to its current position so it doesn’t move as new data arrives.
Time back settings shift the estimation period back by the input number. It’s the origin of when the probability cone start to estimation it’s range.
Probability Cone plotted back in history:
Probability Cone indicator link: