This indicator plots the 1, 2 and 3 standard deviations from the mean as bands of color (hot and cold). Useful in identifying likely points of mean reversion. Default mean is WMA 200 but can be SMA, EMA, VWMA, and VAWMA. Calculating the standard deviation is done by first cleaning the data of outliers (configurable).
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Adds the option to use the selected source as the mean value. This allows for any indicator to become the mean but forces the deviation calculation to use HLC3.
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Fixed inverse sign flaw. Added comments.
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Improved order of plotting to make it more obvious which values are shown on the indicator and makes it easier to specify alert levels.
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Added color gradient option.
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Converted bias to a configurable feature instead of always including it. Probably not useful for most cases.
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Fixed color scheme to use subtle gradients by default but maintained edges where it made more sense. This also makes color customization much easier.
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Much improved flexibility to specify minutes or days instead of just bars for any length in the calculation. Configuration screen is more streamlined.
Great work! I have been trying to contact you via msg but I do not have enough reputation yet. Could I use your work as the starting point for my first script: Deviation Cloud Thank you!
hgoczynski
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Its repainter?
tradingaccount7777777
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Would it be possible to weight the deviations with volume?
DAndresD
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great indicator, thank you! is it possible to add weeks and multi timeframing also?
smartUser87
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Great work
xburningmanx
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great job sir! thank you
salmonpaul246
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Hello,can you please give me this script access without importing other indicators please sir i want to automate this using python please sir Hoping for you reply
salmonpaul246
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@salmonpaul246, Sir i dont know how to remove the import option and add the orginal script please sir help me you