Move Magnitude Visualizer (beta)
This experimental visualizer measures all price differences across a range of samples to determine what is normal for a measure of time. Based on whether a recent change in price over time has exceeded the norm, a line is drawn to indicate the magnitude/severity of that move. In short, it attempts to visualize when a move is outside the norm and when it may be risky to join that move.
In the end, I've always wanted a tool that gave me a visual warning to when a move is abnormally severe and shouldn't be trusted. RSI and other indicators only work with specific lengths, this attempt to be a deviation detector that isn't bound by length or time-frame.
- A thick red line = greater than 3 standard deviations.
- An orangish/goldish line = greater than 2 standard deviations.
- A thin dotted yellow = greater than 1 standard deviation.
In the end, I've always wanted a tool that gave me a visual warning to when a move is abnormally severe and shouldn't be trusted. RSI and other indicators only work with specific lengths, this attempt to be a deviation detector that isn't bound by length or time-frame.
- This is a work in progress, so feedback is appreciated. I don't have a strong idea yet how to properly visualize this data.
- It is very compute heavy and some users may experience timeouts. I've done everything I can think of to eliminate redundant computer and to optimize for PineScript.
Release Notes:
Allow for custom colors.