This script indicates the relative movement of price x volume.
Based on 'The Relative Momentum Index' by Roger Altman : February, 1993 issue of Technical Analysis of Stocks & Commodities magazine.
While RSI counts up and down days from close to close, the Relative Momentum Index counts up and down days from the close relative to a...
Co-variance is a representation of the average percent data points deviate from there mean. A standard calculation of Co-variance uses One standard Deviation. Using the empirical rule, we can assume that about 68.26% of Data points lie in this range.
The advantage to plotting co variance as a time series is that it will show you how volatility of a trailing...
The top band is ATR added to candle high (with given length and multiplication). The bottom one is analogic.
Created for finding initial stop loss for entry on low timeframes. Use band value at last major high/low to place the stop loss at.
It shows prices with acceptable risk and a reasonable margin for market volatility.