A new precision analyzer yields digital readout of probability or probability density for random waveforms at low audio frequencies. A preamplifier‐limiter conveniently increases a half‐volt slicing interval to 20 v or more, and a sample‐hold circuit permits the slicer to work slowly and accurately. The use of analog computer techniques permits convenient assembly of such instruments from inexpensive commercial plug‐in amplifiers and decimal counters. Some statistical theory is also presented.