Electrified

Daily Deviation

Shows you the normal deviation from the OPEN based upon historical data.

Levels measured:

  • Normal range (1 standard deviation) of the CLOSE (vs the OPEN).
  • Normal daily HIGH +1, +2, +3, and +4 standard deviations.
  • Normal daily LOW -1, -2, -3, and -4 standard deviations.

Configuration:

Always shows you the normal CLOSE vs OPEN range for the current session.
Can display previous day's ranges (extra days) based upon the calendar (not trading days).
Normally displays which levels have been exceeded (to reduce noise and keep auto-scale to a minimum), but can show all the ranges for the current session.
The default number of days to measure (50) will affect the accuracy but outliers are cleaned to avoid dramatic variance.

Note:

These are only statistical representations of what has occurred in the past. You can interpret the current price as oversold or overbought for the day (and only that day) relative to the OPEN. Gaps high or low are not considered in the equation.
Release Notes: Eliminated debugging code. Updated thumbnail.
Release Notes: Updated thumbnail.
Release Notes: Cleanup and simplification.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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