This candlestick standardization (normalized bars) indicator fixes Japanese candlesticks on a constant scale. The scale is created from the size of the candlesticks in points: Close-Open (range).
Thresholds based on standard deviations are then added, these are calculated on the basis of the last “p” candlesticks (value to be varied at will). This helps to identify abnormal candle sizes (high volatility) that can lead to a return to the mean.
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// --- settings p = 900 s = 2 // --- end of settings myRange = close - open myStd = std[p](myRange)*s dynO = 0 dynH = high - open dynL = low - open dynC = close - open if dync > 0 then R = 0 G = 125 B = 255 else R = 255 G = 125 B = 0 endif DRAWBARCHART(dynO,dynH,dynL,dynC) coloured(r,g,b) return myStd as "+std", -myStd as "-std", 0 as "0" |
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Thanks Doc !
Intresting, thank you!