OPEN-SOURCE SCRIPT
DCStatCalcs_v0.1
DCStatCalcs_v0.1 - Session-Based Statistical Projections
This Pine Script indicator overlays customizable horizontal lines on your chart to visualize a session's opening price and its statistical projections based on historical standard deviation (SD). Designed for traders who want to analyze price behavior within defined time sessions, it calculates and plots the session open price along with optional projection lines at 0.5, 1.0, 1.5, 2.0, and 2.5 standard deviations above and below the open, derived from past session data.
Key Features:
Customizable Sessions: Define your session time (e.g., 0600-1500) and timezone (e.g., America/New_York).
Historical Analysis: Uses a user-specified number of past sessions (default: 20) to compute the standard deviation of price movements relative to the session open.
Projection Lines: Displays toggleable lines at multiple SD levels with adjustable styles, colors, and widths for easy visualization.
Flexible Display: Extend lines beyond the current bar with an offset setting, and adjust label sizes for clarity.
Real-Time Updates: Lines dynamically extend as the session progresses, keeping projections relevant to the current bar.
How It Works:
At the start of each user-defined session, the indicator records the opening price and calculates the SD based on price deviations from the open across historical sessions. It then plots the open price line and, if enabled, projection lines at the specified SD intervals. These lines help traders identify potential support, resistance, or volatility zones based on statistical norms.
Use Case:
Ideal for day traders or analysts working with intraday charts to gauge price ranges and volatility within specific trading sessions, such as market opens or key economic hours.
Published under the Mozilla Public License 2.0. Created by dc_77.
This Pine Script indicator overlays customizable horizontal lines on your chart to visualize a session's opening price and its statistical projections based on historical standard deviation (SD). Designed for traders who want to analyze price behavior within defined time sessions, it calculates and plots the session open price along with optional projection lines at 0.5, 1.0, 1.5, 2.0, and 2.5 standard deviations above and below the open, derived from past session data.
Key Features:
Customizable Sessions: Define your session time (e.g., 0600-1500) and timezone (e.g., America/New_York).
Historical Analysis: Uses a user-specified number of past sessions (default: 20) to compute the standard deviation of price movements relative to the session open.
Projection Lines: Displays toggleable lines at multiple SD levels with adjustable styles, colors, and widths for easy visualization.
Flexible Display: Extend lines beyond the current bar with an offset setting, and adjust label sizes for clarity.
Real-Time Updates: Lines dynamically extend as the session progresses, keeping projections relevant to the current bar.
How It Works:
At the start of each user-defined session, the indicator records the opening price and calculates the SD based on price deviations from the open across historical sessions. It then plots the open price line and, if enabled, projection lines at the specified SD intervals. These lines help traders identify potential support, resistance, or volatility zones based on statistical norms.
Use Case:
Ideal for day traders or analysts working with intraday charts to gauge price ranges and volatility within specific trading sessions, such as market opens or key economic hours.
Published under the Mozilla Public License 2.0. Created by dc_77.
Açık kaynak kodlu komut dosyası
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Açık kaynak kodlu komut dosyası
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.