OPEN-SOURCE SCRIPT
Deviation Rate From Dynamic MA
This indicator does the following; starting from the first bar (including the first bar) it calculates the average of the closings of the following bars, until the closing of a bar reaches the average. If the price has returned to the average, the starting bar for the average calculation is reset, that is, it starts calculating the average again from the bar where the return to the average (intersection) occurred.
If the deviation is greater than the entered percentage value (3% by default), it shows the deviation rate for each bar on the chart with a label. The color of the label text is shown as darker as the deviation rate increases, and more transparent as it decreases. You can change these settings according to your own preferences from the codes. You can create alarm conditions such as "If the deviation rate from the average is greater than x" to enter the transaction.
If the deviation is greater than the entered percentage value (3% by default), it shows the deviation rate for each bar on the chart with a label. The color of the label text is shown as darker as the deviation rate increases, and more transparent as it decreases. You can change these settings according to your own preferences from the codes. You can create alarm conditions such as "If the deviation rate from the average is greater than x" to enter the transaction.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.