In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
study(title='GR_AugenStandardDevPlot') //GR_AugenStandardDevPlot// //Tom Utley 3-17-2009 //Thanks to Jeff Augen //Price Spikes in Standard Deviations length = 20 closeLog = log (close / close) SDev = stdev(closeLog,length) * sqrt(length / (length-1)) m = SDev * close spike = (close-close) / m plot (spike, style = linebr, color = close > close ? green : red)