Deviation Bands

This indicator plots the 1, 2 and 3 standard deviations from the mean as bands of color (hot and cold). Useful in identifying likely points of mean reversion.
Default mean is WMA 200 but can be SMA, EMA, VWMA, and VAWMA.
Calculating the standard deviation is done by first cleaning the data of outliers (configurable).

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Adds the option to use the selected source as the mean value. This allows for any indicator to become the mean but forces the deviation calculation to use HLC3.

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Fixed inverse sign flaw. Added comments.

릴리즈 노트

Improved order of plotting to make it more obvious which values are shown on the indicator and makes it easier to specify alert levels.

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Added color gradient option.

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Converted bias to a configurable feature instead of always including it. Probably not useful for most cases.

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Fixed color scheme to use subtle gradients by default but maintained edges where it made more sense.
This also makes color customization much easier.

릴리즈 노트

Much improved flexibility to specify minutes or days instead of just bars for any length in the calculation.
Configuration screen is more streamlined.

오픈 소스 스크립트

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.