OPEN-SOURCE SCRIPT
Z-Scored Pi Cycle Top & Bottom
This indicator calculates the Z-score of the Pi Cycle Top & Bottom indicator to identify potential market cycle tops and bottoms. It uses the relationship between two EMAs (111 and 350) to assess the price action and applies a Z-score to determine how far the current value deviates from the mean, providing a normalized measure of overbought and oversold conditions.
Summary:
The Z-Scored Pi Cycle Top & Bottom indicator is designed to help traders identify significant market cycle extremes by applying a Z-score to the Pi Cycle Top & Bottom ratio (EMA 111/EMA 350). This normalized score ranges between -2.99 and 2.99, with values near the extremes suggesting potential market tops or bottoms. Green shading indicates a positive Z-score (potential top), while red shading indicates a negative Z-score (potential bottom).
Use this indicator to gauge where the market stands relative to historical tops and bottoms, allowing for more informed decision-making in both bull and bear markets. The indicator also displays the absolute value of the Z-score in the label, helping traders easily visualize how far the current market is from historical extremes.
**I did not come up with or create this indicator I have just z scored it and made it easier for myself to use.***
Summary:
The Z-Scored Pi Cycle Top & Bottom indicator is designed to help traders identify significant market cycle extremes by applying a Z-score to the Pi Cycle Top & Bottom ratio (EMA 111/EMA 350). This normalized score ranges between -2.99 and 2.99, with values near the extremes suggesting potential market tops or bottoms. Green shading indicates a positive Z-score (potential top), while red shading indicates a negative Z-score (potential bottom).
Use this indicator to gauge where the market stands relative to historical tops and bottoms, allowing for more informed decision-making in both bull and bear markets. The indicator also displays the absolute value of the Z-score in the label, helping traders easily visualize how far the current market is from historical extremes.
**I did not come up with or create this indicator I have just z scored it and made it easier for myself to use.***
Script open-source
In pieno spirito TradingView, l'autore di questo script lo ha pubblicato open-source, in modo che i trader possano comprenderlo e verificarlo. Un saluto all'autore! È possibile utilizzarlo gratuitamente, ma il riutilizzo di questo codice in una pubblicazione è regolato dal nostro Regolamento. Per aggiungerlo al grafico, mettilo tra i preferiti.
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