This indicator does the same thing as my "Deviation Magnet" script, but is in 'overlay' form and is more oriented towards the people who like to keep their eyes on the chart rather than a bottom indicator.
As tated in my "Deviation Magnet" script, contrary to the popular use where price is seen as BOUNCING AGAINST the different deviations (or upper and lower BBands), I tend to find that price likes to STICK to those deviations once it hits them (with a high or a low wick) and "rides them" for a while. I call this "THE MAGNET EFFECT" of the standard deviations.
The indicator highlights those "MAGNET MOVES".
For most assets I like to use 50 period deviations better than the standard 20 period because it shows the bigger trends better but of course this can be modified to your liking!
JD.
#NotTradingAdvice #DYOR
I build these indicators for myself and provide them open source, to use for free to use and improve upon, as I believe the best way to learn is toghether.
Note di rilascio
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added option to display bounce/resistance arrows on the chart
I think this indicator helps me understand how your Dev magnet one works now. I was a bit confused to what a lot of the arrows etc meant but I think this makes it clearer.
That one is great but needs some better documentation if you ever find the time :)
Duyck
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@PVIII, thanks for the tip. I'll see to add some info, when I find some time.
Gr, JD.
Duyck
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Another example of the BBand Magnet signals on BTC!
Duyck
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PS. non of these signals repaint!
AltJams
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Very neat, thanks for sharing your ideas and code, my man!