OPEN-SOURCE SCRIPT
SMU STDEV Overlap Candles with Highest and Lowest
This script creates a STDEV in a candle format overlayed on the actual candles. The STDEV candles lead with deviation to upside or downside.
The Blue bars are Upside heads-up showing the strength of the uptrend before it happens.
The Black candles are downside indicators pulling on the price
I like price action because it is raw. So for High and Low I used the highest and lowest amount so when you trade you can see where the price is in relation to previous high and low
I use this script in conjunction with my first STDEV candles to get the full picture in short time frames. For example, when I see the STDEV of above 6 on change of direction then I trade on it before the trend begins and confirm it with STDEV overlay
If you have you been following my scripts you notice the code is very simple but the concept is very powerful. My hope is better pine script coders to build on these scripts and publish more out of the box type of scripts.
Enjoy
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.