OPEN-SOURCE SCRIPT
Deviation from Average
This script showcases the deviation from the 20 week moving average in a graph so it is easier to determine whether the current price is overbought, oversold or fair. With this graph you can easily identify the points in time when we have already seen such states of being over- or undersold and how the market reacted back then.
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 publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.