Quantile Probs

Key Quantile Probs in Model[Simulation] refers to the array of probabilities Pᵢ associated with the requested quantiles qᵢ
The size of this array in effect determines the number of requested quantiles.
For example, assume the array here contains one single element with value P = 5% (i.e. 0.05).
This amounts to requesting the computation of one quantile q associated with this probability of 5%.
According to the standard quantile definition, the q is computed out of the full set of simulated values so that it is satisfied that only 5% of those values are less than q

Note that in the context of VaR calculation through a simulation of the underlying tradable's prices at horizon with a given confidence interval CI (eg CI = 95%) the respective quantile probability P here should be set to P = 1 - CI (eg P = 5%).
This is due to the inverse relationship between the tradable price and the its respective loss.
The higher the tradable price, the lower the respective loss is.