Shows you the normal deviation from the OPEN based upon historical data.
Levels measured:
Normal range (1 standard deviation) of the CLOSE (vs the OPEN).
Normal daily HIGH +1, +2, +3, and +4 standard deviations.
Normal daily LOW -1, -2, -3, and -4 standard deviations.
Configuration:
Always shows you the normal CLOSE vs OPEN range for the current session. Can display previous day's ranges (extra days) based upon the calendar (not trading days). Normally displays which levels have been exceeded (to reduce noise and keep auto-scale to a minimum), but can show all the ranges for the current session. The default number of days to measure (50) will affect the accuracy but outliers are cleaned to avoid dramatic variance.
Note:
These are only statistical representations of what has occurred in the past. You can interpret the current price as oversold or overbought for the day (and only that day) relative to the OPEN. Gaps high or low are not considered in the equation.
Sürüm Notları
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Eliminated debugging code. Updated thumbnail.
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Updated thumbnail.
Sürüm Notları
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Cleanup and simplification.
Sürüm Notları
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Fixed errors with lib references resulting from max_bars_back change.
Something is going on with intraday time frames. Its bugging out and not showing on some afterhours, but will partially show on ES. Like the script alot. Hopefully its just a time code bug or afterhours issue.
Electrified
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@ferreirajames, In this first version, it will not show after hours as once the session is closed, the data has to be reassessed since it is measuring the open and close of the regular session. Ideally, (opinions welcome here) I imagine that once you've entered after hours, you would want to (in a similar way) know the normal 'gap' range from the close to the following open. I felt this was good enough and had enough usefulness as a version 1. What behavior would you think was desired for after hours when the chart is set to 'extended'?
aimanan
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Hello. I added the indicator to test it, and I got the next error: "study error the study references too many candles in history". I have tried to make a copy, and add the 'max_bars_back' to the indicator, like : indicator('Daily Deviation', overlay=true, max_bars_back=1000), but I keep getting the error.
Edit: just in case, I'm using a basic Tradingview account.