bharatTrader

Price - Mean Reversion Expansion

A simple indicator, to plot the quantitatively the reversion and expansion of price from a set of means.

A green bar plots prices above the set of means. A bar plots prices below the set of means. A blue bar plots price entangled in the means. The height of the bars denotes the far-ness from the set of means.

A blue envelope over the bars is the average of this reversion/expansion. A "crossover" of any bar (red/green) over this envelope is indicated by a "green dot" a "crossunder" of any bar (red/green) under this envelope is indicated by a "red dot".

The small trend strength table (when enabled) on the right side below show in a easy manner the data presented in the "Mean Angles" indicator. Refer to description there for more details.
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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Comments

Thank you very much Sir for the indicator.
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