Mean Deviation Index

The Mean Deviation Index (MDX) is used to see how much price is deviating from the mean. This indicator takes both volatility and mean deviation in consideration.

It uses the standard deviation of the ATR to filter an EMA , and uses this as the mean. It then only plots > or < 0 if price is more than one x ATR away from the mean. If index is positive, the background turns green, meaning price is more than 1 x ATR above the mean. If the index is negative, the background turns red, meaning price is more than 1 x ATR below the mean. This setting can be changed by changing the setting "ATR Multiplier", but the default is 1 x ATR.

There are two main ways to use this index.

1. Use it aggressively to find trends (by combining it with other indicators) by entereding each time the background changes color to green for longs or red for shorts.
2. Use it spot breakouts, waiting for a pullback, and then entering on the next move in the same direction. In this context for a short, you wait for the background color to turn green, then wait for the index to pull back, and then enter once it starts moving up again.
リリースノート: - Version 1.1 -
  • Added option to plot in a percentage scale instead of pure instrument value.
  • Changed the default of the different period settings to 26.
- Version 1.2 -
  • Added the option to plot levels on the indicator, alongh with alerts for when
    the MDX crosses these lines. Also added an option to show or hide these lines.
    These lines are hidden by default.
  • Added the option to make the indicator volume weighted.
    This is off by default.
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Now the only thing i'm thinking to add is a volume multiplier.
lejmer stevenwalter0
@stevenwalter0, Both your requests have now been implemented. Happy trading! :)
Again amazing indicator here. Please stay innovative man, people like you are so rare. Is there a way I can add a threshold or filter so that I can not get signals over or under a certain number? I did this manually by adding 2 horizontal lines and just checking every signal, so I don't use signals between for anything below 4 or above -4. See this screen shot https://prnt.sc/tj0v89
Thank you for this!
most of the people will never know the importance of this indicator.
every indicator you see is trend following indicator.
this indicator finds the trends.
if lejmer sir, added color coding to that mdx line, then people gone crazy about this I think
and ones again Thanks for your grt work.
lejmer StillAlive
@StillAlive, Thank you for your encouraging words, man! Yeah I could add colors to the MDX line. What colors do you suggest?
@lejmer, while ranging same gray color, if it has good momentum in upside: lime color otherwise red.
so it'll be useful in scalps and swing trading for max profits.
Thank you sir.
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