[ZL]Z-score Indicator

The Z-indicator is popular in the statistics. What if we use it to identify the tops and bottoms. Very simple indicator.
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study("[蘆田资產]Z-score Indicator")
upStd=input(2, "Up Standard Deviation")
downStd=input(-2, "Down Standard Deviation")

z = stdev(close, length) != 0 ? (close - sma(close, length))/stdev(close, length) : na
ind1 = sma(z, smooth1)
ind2 = sma(ind1, smooth2)
plot(ind1, "Ind Fast", color = purple, linewidth=3)
plot(ind2, "Ind Slow", color = blue, linewidth=3)
plot(upStd, "Up Std Dev", color = lime, linewidth=3)
plot(downStd, "Down Std Dev", color = red, linewidth=3)

Good to use in conjunction with cycle indicators and the Linear Regression, so that traders trade "In Phase".

I've worked with Z score quite a lot. Not a commonly known tool. I like the fact you've added the smoothing factors. Nice!
ZLu coondawg71
Thanks. I am so glad that you like it.
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