Option analyzer is a very useful tool that you van use to have a broad outline of the market. There are some tools I will explain now .

When you first look at it Its pretty confusing..

You see the two little bar graphs at first, they give you the probability to form the next High or low

For example up here on the left hand side graph we formed the H4 which only had 24% chance of forming and now to form a H5 we have 16% chance of it forming which means we are over extended and we might be in a probable area of reversal

The green one shows the probability of highs forming above pivot

The red one , graph in the middle shows the probability of lows forming below pivot.

Here we can see that we are in a probable area of reversal

So now to plan a trade you got confluences saying hey we are at a probable area of reversal and we only have 16% chance of forming a new high.

This graph above shows the sequence of forming the high and low , see the graph above we first formed a H6 and then we formed a L3, so we got an idea that how much extended we are and what is the average move above and below pivot, like currently we are above the average move so it will be looking for shorts.

This is more of an advanced concept, we need to run our horses to just grasp it properly

I suggest you to make the box where price can move around 1pm EST, this can provide you with a range where price can move.

This does not work 100% of the time like anything else in this industry

You can see this, i have shown below