Deviation Magnet - JD

This indicator shows price in relation to the standard deviations in a normalised way.

It can be seen as a kind of Bollinger Bands, where the bands stay the same size apart and price amplitude is modified between them,
or as a 'normalised' version of my BBC indicator.

Contrary to the popular use where price is seen as BOUNCING AGAINST the different deviations (or upper and lower BBands),
I tend to find that price likes to STICK to those deviations once it hits them (with a high or a low wick) and "rides them" for a while.
I call this "THE MAGNET EFFECT" of the standard deviations.

The indicator highlights those "MAGNET MOVES".

For most assets I like to use 50 period deviations better than the standard 20 period because it shows the bigger trends better
but of course this can be modified to your liking!

JD.

#NotTradingAdvice
#DYOR

I build these indicators for myself and provide them open source, to use for free to use and improve upon,
as I believe the best way to learn is toghether.

Release Notes:

UPDATE: added optional squeeze/expansion indicator
-the BLUE line indicates (BBands) SQUEEZE setting in
-the ORANGE line indicates the EXPANSION of the BBands
-the highlighted YELLOW line indicates the RELEASE

Release Notes:

added option to display bounce/resistance arows on the chart

JD.

Release Notes:

Added indication of likely comming expansion or "explosion" up or down.

Release Notes:

Increased sensitivity for "explosion" arrows, I found they gave too few signals.
JD.

Release Notes:

small code update/