This Pine Script indicator provides a visualization of standard deviation bands plotted as fixed horizontal lines on the TradingView chart. The bands are based on the last candle's closing price and are designed to help traders identify potential volatility levels and deviations from the average price.
Features:
Standard Deviation Calculation: The indicator calculates standard deviation based on a user-defined length and source price. It then creates bands around the last candle's close price, showing potential ranges of price volatility.
Customizable Multipliers: You can adjust the multipliers for standard deviation levels (e.g., 1x, 2x, 3x) to set how far the bands are from the closing price.
Adjustable Line Thickness and Length: Customize the thickness and length of the horizontal lines. The lines extend backwards from the current bar to show the range over a user-defined number of bars.
Color Settings: Each band and the closing price line have configurable colors for better visual differentiation. You can set colors for:
Standard Deviation 1 Band (up and down)
Standard Deviation 2 Band (up and down)
Standard Deviation 3 Band (up and down)
Last Close Price Line
Inputs:
Length: Number of periods for calculating standard deviation.
Source: Price type used for standard deviation calculation (e.g., closing price).
StdDev Multipliers: Multipliers for different standard deviation bands.
Line Thickness: Thickness of the horizontal lines.
Line Length: Length of the lines extending from the current bar.
Line Colors: Colors for the bands and the last close price line.
Use Case:
This indicator is useful for traders who want to visualize price volatility and deviations around the last closing price. By analyzing these bands, traders can make informed decisions about potential price movements and market conditions.
How to Use:
Add the Indicator to Your Chart: Apply the indicator to your TradingView chart.
Adjust Settings: Modify the standard deviation multipliers, line thickness, and length according to your preferences.
Analyze the Bands: Use the bands to assess price volatility and identify potential trading signals.