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Zscore Indicator
Updated 16th February 2015 : Zscore_v3
1. Added code to prevent 'out of valid range error' (picked up by Harry - thank you).
2. Changed condition for permission bar coloring.
3. Enabled option to show 1st Std Dev line.
4. Minor visual enhancements and tidied up the code.
For use in sideways or range bound markets.
You can save a few bob if you don't want to pay for a custom profile tool.
The z-score is used to compute the probability of occurrence of a value in a particular normally distributed range OR shows how many Standard deviations away from the mean is a value. If a value is 2 std dev from the mean and you have a nearly normal distribution then 95% of values within that distribution lie above/below your current value in other words there is a good probability that price will revert to the mean and this could be good place to look for a trade back to it or beyond it.
I have shown the volume profile for reference but you can see that this range is normally distributed.
The z-score indy is set to the range of your distribution in ticks. The yellow areas are turning points 2 std dev from the mean and offer the highest probability trades with the lowest risk but the red area turns out not to be worth trading and the z-score helps you stay away from the ambiguity this price action depicted in real time. (HL followed by a LH and then another HL).
v2.0 for NT7
v3.0 for NT7
(current)
Many have asked me for the custom Market Profile tool - you may find it here:
http://fin-alg.com/products/tpochart-rangeselect2.html
Good luck with your trading.
Category
NinjaTrader 7 Indicators
Details:
Zscore Indicator
Category:
NinjaTrader 7 Indicators
July 31st, 2014
Size: 6.94 KB
Downloaded: 2235 times
1577
Stocktrader
Comments/ratings
clinto69
August 1st, 2014 10:00 AM
Awesome Thanks! Do you have the Volume Profile Indicator you could share aswell :-)
KeithL
August 10th, 2014 02:54 AM
This is a great indicator! Thanks
ShaunG
September 1st, 2014 11:59 AM
Thanks for this indicator! Busy building a custom chart layout and think this might be just what I need!
Kingsley
September 2nd, 2014 03:43 PM
Good job!!
forumuser
September 17th, 2014 05:58 PM
Thanks. I am going to use it.
VictorK
September 25th, 2014 08:09 PM
No Comment
Sezor
March 18th, 2015 11:14 AM
Thanks, brilliant
Portland
July 27th, 2015 12:52 AM
No Comment
mzabarain
March 6th, 2016 01:37 AM
Well done!
Thanks.
fxfx
April 20th, 2016 07:02 PM
Thanks for the great work!
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