This experimental visualizer measures all price differences across a range of samples to determine what is normal for a measure of time. Based on whether a recent change in price over time has exceeded the norm, a line is drawn to indicate the magnitude/severity of that move. In short, it attempts to visualize when a move is outside the norm and when it may be risky to join that move.
A thick red line = greater than 3 standard deviations.
An orangish/goldish line = greater than 2 standard deviations.
A thin dotted yellow = greater than 1 standard deviation.
In the end, I've always wanted a tool that gave me a visual warning to when a move is abnormally severe and shouldn't be trusted. RSI and other indicators only work with specific lengths, this attempt to be a deviation detector that isn't bound by length or time-frame.
This is a work in progress, so feedback is appreciated. I don't have a strong idea yet how to properly visualize this data.
It is very compute heavy and some users may experience timeouts. I've done everything I can think of to eliminate redundant computer and to optimize for PineScript.
dear electrified, is it possible for you to provide some color/style changed options to the users who is suffering in color blind like me ?
Electrified
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@lukricky, You should be able to override all colors in the settings. No?
lukricky
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@Electrified, i cannot well distinguish the green red and brown or light yellow
Electrified
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@lukricky, AH! I see. I apologize that when introducing custom settings with colors, it disallows other customization. Lemme fix that.
Electrified
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@lukricky, Try it now! Sorry about that. Normally, it lets you customize but I think because there are no actual plot lines it just didn't.
lukricky
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@Electrified, anyway, thanks for your good indicators
lukricky
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greater than 3 standard deviations = in english, means it is very abnormal ? and so on 2, less abnormal, and the 1 means the most common and normal one ?
Electrified
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@lukricky, You're on the right track. If it's less than 1, then it's in the majority of move magnitudes (~84% of all moves measured). Greater than 1, but less than 2, it's within 98% of all moves measured. Above 3 is quite abnormal, and above 4 (not visualized) is very anomalous.