In this particular mode (ZRange) you can see whether the actual Standard Deviation is above or below the mean average of the Standard Deviation (period of your choice) determined by a + or - value. The value itself represents a Standard Deviation multiplier. A reading below ZERO simulates the Squeeze, a time of price consolidation that is bound to break. Ideally you want to enter trades when the value of ZRange is increasing and above the signal line.
Alerts are provided for when is increasing and or decreasing. Alerts can be turned off in settings.
Strategies where price is trending sideways will benefit when the ZRange is decreasing as it signifies price entering consolidation.
Each indicator in the ZScore Suite has a particular function:
ZClassic: Measures the position of Price in relation to a set average in units of standard deviation.
ZRange: Measures the position of the Standard Deviation itself in relation to a set average, in units of standard deviation.
ZVolumeDelta: Measures the position of Delta in relation to a set average, in units of standard deviation.
ZTrend: Its a custom mathematical function that allows to measure the strength and direction of the Trend in reference to a set average.
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