Update to the previous version of Arbitrary Price Pivot tool. Here we have specific pivot levels based on the Standard Distribution Deviations. You will see three levels of each deviation greater than 97.7% (2.0). For example, standard deviation 3.09 has a ratio of 99.99% certainty price will return to the mean. So we have 3.09, 6.18 and 9.27...three levels of that particular deviation. If price breaks through 3.09 it most likely will continue through to the next level, 6.18 and perhaps 9.27. All relative to time frame used.
//Arbitrary Price Pivots/StdDev 3; [coondawg71]^, standard distribution deviations, set your own pivot levels
study("Arbitrary Price Pivots/StdDev3^; [coondawg71]",overlay=true)
study("Arbitrary Price Pivots/StdDev3^; [coondawg71]",overlay=true)
p = input(000.0000,title="Pivot")
p0 = input(1.0050, title="p0")
p1 = input(1.0100, title="p1")
p2 = input(1.0128, title="p2")
p3 = input(1.0165, title="p3")
p4 = input(1.0200, title="p4")
p5 = input(1.0233, title="p5")
p6 = input(1.0258, title="p6")
p7 = input(1.0309, title="p7")
p8 = input(1.0400, title="p8")
p9 = input(1.0466, title="p9")
p10 = input(1.0516, title="p10")
p11 = input(1.0600, title="p11")
p12 = input(1.0618, title="p12")
p13 = input(1.0699, title="p13")
p14 = input(1.0774, title="p14")
p15 = input(1.0927, title="p15")
plot(p,"Pivot",color=green)
plot(p*p0, title="38.2%, 0.50stddev", color=aqua)
plot(p/p0, title="38.2%, 0.50stddev", color=aqua)
plot(p*p1,"84%, 1.00stddev",color=white)
plot(p/p1,"84%, 1.00stddev",color=white)
plot(p*p2,"90%, 1.28 stddev",color=lime)
plot(p/p2,"90%, 1.28 stddev",color=lime)
plot(p*p3,"95%, 1.65 stddev",color=olive)
plot(p/p3,"95%, 1.65 stddev",color=olive)
plot(p*p4,"97.7%, 2.00 stddev",color=blue)
plot(p/p4,"97.7%, 2.00 stddev",color=blue)
plot(p*p5,"99%, 2.33 stddev",color=yellow)
plot(p/p5,"99%, 2.33 stddev",color=yellow)
plot(p*p6,"99.5% 2.58 stddev",color=orange)
plot(p/p6,"99.5% 2.58 stddev",color=orange)
plot(p*p7,"99.99% 3.09 stddev",color=red)
plot(p/p7,"99.99% 3.09 stddev",color=red)
plot(p*p8,"4.0, 2.00 stddev 2^",color=blue)
plot(p/p8,"4.0, 2.00 stddev 2^",color=blue)
plot(p*p9,"4.66, 2.33 stddev 2^",color=yellow)
plot(p/p9,"4.66, 2.33 stddev 2^",color=yellow)
plot(p*p10,"5.16, 2.58 stddev 2^",color=orange)
plot(p/p10,"5.16, 2.58 stddev 2^",color=orange)
plot(p*p11,"6.18, 3.09 stddev 2^",color=red)
plot(p/p11,"6.18, 3.09 stddev 2^",color=red)
plot(p*p12,"6.0, 2.00 stddev 3^",color=blue)
plot(p/p12,"6.0, 2.00 stddev 3^",color=blue)
plot(p*p13,"6.99, 2.33 stddev 3^",color=yellow)
plot(p/p13,"6.99, 2.33 stddev 3^",color=yellow)
plot(p*p14,"7.74, 2.58 stddev 3^",color=orange)
plot(p/p14,"7.74, 2.58 stddev 3^",color=orange)
plot(p*p15,"9.27, 3.09 stddev 3^",color=red)
plot(p/p15,"9.27, 3.09 stddev 3^",color=red)