Probability Panel is based on the Expected Move. While Expected Move gives fixed estimated probability range based on standard deviation, Probability Panel uses a cumulative distribution function (normal distribution) to get the estimated probability from any input price.
The CDF shows the probability a random variable X is found at a value equal to or less than a certain x.
Single side probability requires only one input. User can type in one side of the range in “Single Side Target Input” and probability panel will automatically give the other side of the range with the same probability.
Single Side Panel:
Double side probability requires two input. “Target Upper Range” and “Target Lower Range”.
Double Side Panel:
Probability Panel indicator link :