paaax

[PX] MTF Standard Deviation Level

Hello guys,

once again, I want to show you a different method for detecting support and resistance level. Today's approach is similar to the one I posted recently, but the way the level will be detected is different. I call it the multi-timeframe standard deviation level.

How does it work?


The method is similar to the way Bollinger Bands work. First, the indicator calculates the standard deviation, which can be influenced by the "Sensitivity"- and "Length"-setting.

  • Sensitiitiy - the higher the value, the fewer level will be shown
  • Length - simply the length for the standard deviation formula

Second, the detected value will be added (for resistance level ) or substracted (for support level ) from the current close. Once the upper or lower boundaries are crossed, a level will appear and keeps moving until the up- or downward movement finishes. Then the level will settle and stay in place.

Again, as seen in my previous indicator, you can control all the different styles and colors for the levels. The best part is, the whole thing works in a multi-timeframe fashion. In an example, you could select the "Daily" level and plot them on a 4-hour chart.

If you find this indicator useful, please leave a "like" and hit that "follow" button :)

Have fun, happy trading and once again Merry Christmas :)))
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http://www.pascal-simon.de - Custom indicator development

Comments

Very good. Clean and simple. Thanks bro
+1 Reply
@AGW, thanks man
Reply
Very Clean and Accurate

can we have this script modified to lower time frames like 15Min,30Mins & 1 hour ?
Reply
paaax spentmysore
@spentmysore, thank you. You can select the scripts resolution in the input section.
+1 Reply
@paaax, Thank you for your reply am very new to this coding/scripting world where is the input section, do i need to modify below lines

len = input(20, "Length")
multi = input(2.0, "Sensitivity")
Reply
Hello Sir,

I wish to draw automatic horizontal lines one base line, 10 above and 10 below base line.

Base line is round(sqrt (previous day close),0)^2 on black colour

Upper lines in blue colour

Upper line 1 = (base line+1)^2
Upper line 2 = (base line+2)^2
Upper line 3 = (base line+3)^2 till 10 line

Similarly lower lines in orange

Lower line 1 = (base line-1)^2
Lower line 2 = (base line-2)^2
Lower line 3 = (base line-3)^2 till 10 line

Will you please help me in writing a code in pine editor of tradingview.com
Please reply at my email id manu.marwah@gmail.com

Regards

Manu
Reply
Awesome script. Can you check your pm?

Thanks
Reply
Very cool! Well done!!!
Reply
paaax VASILYNIK
@VASILYNIK, thank you
Reply
i cant see the lines
Reply
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