Another good representation of price derivating from its mean. Simple and effective one though, it can be easily use for scalping purpose on minimal timeframe or ticks charts.
When price reach the “2” line, it’s time to operate a short trade and a long trade when oscillator piercing the 0 value treshold (see screenshot).
Of course any signals are not quite good and minimal objectives should be focus when using this kind of trading strategy.
Here is the code :
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// Period = 10 (as parameter) i1=STD[Period](close) i2=Average[Period](close)+(i1*2) i4=i2-Close i=(i4/i1)/2 line1 = 0 line2 = 2 mean = 1 RETURN i coloured(255,255,0) AS "Elasticity", line1 coloured(173,255,47) AS "buy action", line2 coloured(255,64,64) AS "sell action", mean coloured(255,239,213) AS "mean price" |
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