OPEN-SOURCE SCRIPT

Rolling deviations

By gorx1
Updated
Sometimes the market data follows normal distribution, in these cases it is more appropriate to utilize mean-based statistical techniques. This script plots the special case of seven-number summary with 1st, 2nd & 3rd standard deviations below and above the mean.

It also has "Log-space" switch which should be checked while using logarithmic scale.

The next version with minor visual improvs might arrive soon
Release Notes
4th & 5th standard deviations and median were added for experimental purposes & saving space
Release Notes
Mid-range statistic was added for research purposes (disabled by default).
meanseven-numbersummaryTrend AnalysisVolatility
gorx1

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.

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