This indicator calculates standardized z-scores of price data across four different lookback periods (6, 14, 26, and 100). Standardizing data subtracts the moving average from the price and divides by the standard deviation. It applies a Double Exponential Mov
Indicator · Pine Script v4 · Own pane
Mean Reversion Indicator
This indicator calculates normalized percentage bounds around price highs and lows to anticipate local trend reversals.
Repaints
GitHub stars114on the repository
Pine versionv4older, still runs
Lines of code63
Settings3inputs
LicenceNone stated
Last update1 year ago7 Nov 2024
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
Mean Reversion Indicator oscillates within a fixed -1 to 1 channel and plots two boundary tracking curves alongside a background Karobein oscillator histogram for momentum context. Reversal signals appear when the curves reach the upper or lower channel extremes. Inputs configure the price source, higher timeframe resolution, and an optional repainting toggle. The script plots in a separate pane.
- Normalized high and low percentage curves
- Integrated Karobein oscillator background histogram
- Channel boundary touch highlighting
- Selectable multi-timeframe resolution
Details
Published by
capissimo on GitHub
Type
Indicator, Pine Script v4
Draws
Separate pane below the chart
Category
Mean reversion, Oscillators & momentum
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
- Signals can change on the live bar or after it closes (repainting)
- Reads higher-timeframe data with lookahead on, so the history can show signals that were not there in real time
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Price Data | source | close | price |
| Time Frame | int | 20 | tf |
| Repaint? | bool | false | repnt |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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