A wavefunction is the position representation of a pure state. In the one-dimensional model used here, takes values in the complex numbers, and the Born rule givesThe probability density has units of inverse length; the wavefunction has units of inverse square root of length. A value of at a point is not itself a probability: probabilities come from an integral over a region. For the infinite square well ground state, , whereas the probability of the exact single point is zero. The interesting question is how much probability a finite interval contains.
Two wavefunctions differing only by a global phase represent the same pure state. Relative quantum phases between components of a quantum superposition affect matter-wave interference, so retaining the full complex number amplitude is essential. This scalar description covers a particle without active spin degrees of freedom; a general Electron wavefunction can have two spin components, with the position probability density obtained by adding the squared modulus of each component.
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Contains the full state of the quantum system.
This is in contrast to classical mechanics where e.g. the state of mechanical system is given by two real functions: position and speed.
The wave equation in position representation on the other hand encodes speed in "how fast does the complex phase spin around", and direction in "does it spin clockwise or counterclockwise", as described well at: Video "Visualization of Quantum Physics (Quantum Mechanics) by udiprod (2017)". Then once you understand that, it is more compact to just view those graphs with the phase color coded as in Video "Simulation of the time-dependent Schrodinger equation (JavaScript Animation) by Coding Physics (2019)".