Duyck

Deviation Magnet - JD

This indicator shows price in relation to the standard deviations in a normalised way.

It can be seen as a kind of Bollinger Bands , where the bands stay the same size apart and price amplitude is modified between them,
or as a 'normalised' version of my BBC indicator.

Contrary to the popular use where price is seen as BOUNCING AGAINST the different deviations (or upper and lower BBands),
I tend to find that price likes to STICK to those deviations once it hits them (with a high or a low wick) and "rides them" for a while.
I call this "THE MAGNET EFFECT" of the standard deviations.

The indicator highlights those "MAGNET MOVES".

For most assets I like to use 50 period deviations better than the standard 20 period because it shows the bigger trends better
but of course this can be modified to your liking!

JD .

#NotTradingAdvice
#DYOR

I build these indicators for myself and provide them open source, to use for free to use and improve upon,
as I believe the best way to learn is toghether.
Release Notes: UPDATE: added optional squeeze/expansion indicator
-the BLUE line indicates (BBands) SQUEEZE setting in
-the ORANGE line indicates the EXPANSION of the BBands
-the highlighted YELLOW line indicates the RELEASE
Release Notes: added option to display bounce/resistance arows on the chart

JD.
Release Notes: Added indication of likely comming expansion or "explosion" up or down.
Release Notes: Increased sensitivity for "explosion" arrows, I found they gave too few signals.
JD.
Release Notes: small code update/
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.

Want to use this script on a chart?
Disclaimer.
I AM NOT A FINANCIAL ADVISOR.
THESE IDEAS ARE NOT ADVICE AND ARE FOR EDUCATION PURPOSES ONLY.
ALWAYS DO YOUR OWN RESEARCH!
JD.

You can contact me for info/access in PM or on Telegram: @jduyck
PLS, DON'T ASK FOR ACCESS IN THE COMMENT SECTION!

Comments

Man this is beautiful work, please continue what you do!
+4 Reply
Duyck allanster
@allanster, thanks man!
+2 Reply
These scripts you’ve made, they are all mind blowing. You’re a genious Duyck thank you very much.
+2 Reply
Duyck TK07
@TK07, Thx for the support!
+1 Reply
hey Duyck,,,happy new year,,,excellet work,,,,thank you for all your hard work towards tv community,,,,
Reply
Duyck abinash7
@abinash7, Thank you!
Reply
Concerning the new "arrows", they are linked to the squeeze/expansion indicator.

- sideways arrows = price stagnating
- small opposite angled arrows = heavy resitance and possible bounce is likely
- large arrow in main direction = very high chace of explosion up or down incoming

JD.
Reply
Hello,

There seems to be bug color bars is disabled but it seems to be changing color.
Reply
Duyck dhosha
@dhosha, thank you, I didn’t have that issue yet, i’ll check it out!
Reply
dhosha Duyck
@Duyck, Thanks its more apparent if you have another indicator that is coloring the bars. You will see script will try to overlap the colors even when its not enabled.
Reply