This indicator shows price in relation to the standard deviations in a normalised way.
It can be seen as a kind of Bollinger Bands, where the bands stay the same size apart and price amplitude is modified between them, or as a 'normalised' version of my BBC indicator.
Contrary to the popular use where price is seen as BOUNCING AGAINST the different deviations (or upper and lower BBands), I tend to find that price likes to STICK to those deviations once it hits them (with a high or a low wick) and "rides them" for a while. I call this "THE MAGNET EFFECT" of the standard deviations.
The indicator highlights those "MAGNET MOVES".
For most assets I like to use 50 period deviations better than the standard 20 period because it shows the bigger trends better but of course this can be modified to your liking!
JD.
#NotTradingAdvice #DYOR
I build these indicators for myself and provide them open source, to use for free to use and improve upon, as I believe the best way to learn is toghether.
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UPDATE: added optional squeeze/expansion indicator -the BLUE line indicates (BBands) SQUEEZE setting in -the ORANGE line indicates the EXPANSION of the BBands -the highlighted YELLOW line indicates the RELEASE
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added option to display bounce/resistance arows on the chart
JD.
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Added indication of likely comming expansion or "explosion" up or down.
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Increased sensitivity for "explosion" arrows, I found they gave too few signals. JD.
This is a great indicator-thanks for sharing. Can I ask is it possible to set up an alert for the squeeze/expansion indicator so that I am contacted when the yellow line first appears? Would it be Squeeze - crossing up - -20?
fortifel
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Thanks for sharing! Great indicator!
phankimtu
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Man this is beautiful work
abinash7
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hey Duyck,,,happy new year,,,excellet work,,,,thank you for all your hard work towards tv community,,,,