gZScore — Indicator by giancarlopagliaroli

META currently has a strong bullish trend and is the distance from its yearly average too.
But, how much META is distant from the mean?
With this indicator, you can see an absolute value useful to determine support and resistance when the price is so far.

In this example, applied to the daily chart, currently, META is distant 3 standard deviations that could be seen as interesting resistance looking the past

This indicator could be applied as a filter for all your mean reversion strategies.

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Open-source script

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.

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