Saw the standard deviation channels indicator on ThinkorSwim and found a way to replicate it. However, the full range (kind of useless feature) is not the same as ThinkorSwim, but using without full range and setting your own length will be identical to the same length on ThinkorSwim. If you have any recommendations of your trading strategy using this, how to make the script better or any additions, they would be very helpful to suggest.
It would help to have up to 4 deviation lines above and below the mean, since the SPY and QQQ trend up the +/- 4. Also, adding deviations for two different time frames, like 6 month and 5 min charts would be amazing.
SUNNY29081975
⋅
@erickeezer, these are some great suggestions. I'll have a look.
SUNNY29081975
⋅
Hey @erickeezer, what is your strategy with standard deviation channels?
erickeezer
⋅
@SUNNY29081975, in Thinkorswim I have 3+/- deviation channels on SPY, QQQ and DJX. I wait for prices to hit the deviation lines and wait for the bounce confirmations. This is my confirmation of a bull/bear trend for stocks that trend with the indices. The 6 month deviation lines are extremely useful on 5 min day charts as they become support and resistance lines.