Implied Target
Overall, with the assumption of normal distribution of log return, which might not always hold true, it calculates the estimated range within which the current candles will close. One, two, and three sigma will give the probability of around 68%, 95% and 99% respectively.
This can be used to give you a better sense of what is possible with the current level of volatility , thus assist in risk management and position sizing.
Like with any indicators, it is recommended that you use this script as a confirmation to your strategy, and not take the estimated range blindly to carry out, for instance, mean-reversion trade. Again, it is merely an estimation with volatility at its core.
May you be on the right side of the trade.
- Add Robust Mode, the bands now act as more significant levels of support & resistance while maintaining its representativeness of estimated probability
- Fix the bug that makes daily chart on index instruments off
Invite-only script
Only users approved by the author can access this script. You'll need to request and get permission to use it. This is typically granted after payment. For more details, follow the author's instructions below or contact QallianceTech directly.
TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.
Author's instructions
Disclaimer
Invite-only script
Only users approved by the author can access this script. You'll need to request and get permission to use it. This is typically granted after payment. For more details, follow the author's instructions below or contact QallianceTech directly.
TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.