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 over the bars is the average of this reversion/expansion. A "crossover" of any bar (red/green) over this is indicated by a "green dot" a "crossunder" of any bar (red/green) under this 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.
- Added Price Delta, scaled price performance
- Option to select another symbol (benchmark) instead of the chart symbol
Refer to The lower plot is orange envelope, that of the benchmark. We can clearly observe regions where the symbol followed the benchmark, outperforms or lags the benchmark. This analysis can be done over multiple timeframes.
- Fixed other symbol EMA calculations when valid mean length of symbol starts later than benchmark
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.