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
Z-Score BB
Z-Score BB measures statistical deviation by comparing a short-term 22-bar sample mean against a longer-term population baseline.
GitHub stars1on the repository
Pine versionv4older, still runs
Lines of code39
Settings2inputs
LicenceNone statedfile: MPL-2.0
Last update2 years ago2 Mar 2024
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 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
39 lines of Pine Script v4 from zscore.pine, published under MPL-2.0 (file header). Keep the author's credit and licence lines when you reuse it.
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © luminaryfi
//@version=4
study("Z-Score BB", precision=4)
n = input(title='n',defval=63)
disp = input('x̅ (21)',title='Display Z-Score from:', options=['x̅ (21)','μ (63)'])
price_sample = array.new_float(0)
for i = 0 to 21
array.push(price_sample,close[i])
price_sample_mean = array.avg(price_sample)
price_pop_mean = sma(close,n)
price_pop_sd = stdev(close,n)
sqrt_n = sqrt(n)
price_pop_se = price_pop_sd/ sqrt_n
z = (price_sample_mean - price_pop_mean)/ price_pop_se
z_abs = abs(z)
z_low_sample_mean = price_sample_mean - z_abs
z_high_sample_mean = price_sample_mean + z_abs
z_low_pop_mean = price_pop_mean - z_abs
z_high_pop_mean = price_pop_mean + z_abs
plot(disp=='z_high_pop_mean' or disp=='μ (63)'?z_high_pop_mean:na, title='Z-Low',color=#FF9800, transp=10, linewidth=2)
plot(disp=='z_low_pop_mean' or disp=='μ (63)'?z_low_pop_mean:na, title='Z-High', color=#ab00ad, transp=10, linewidth=2)
plot(disp=='price_pop_mean' or disp=='μ (63)'?price_pop_mean:na, title='μ (63)', color=#ff00f1, transp=15, linewidth=2)
plot(disp=='z_high_sample_mean' or disp=='x̅ (21)'?z_high_sample_mean:na, title='Z-High', color=#040af9, transp=10, linewidth=2)
//plot(disp=='z_low_sample_mean' or disp=='x̅ (21)'?z_low_sample_mean:na, title='Z-Low', color=#040af9, transp=10, linewidth=2)
plot(disp=='z_low_sample_mean' or disp=='x̅ (21)'?z_low_sample_mean:na, title='Z-Low',color=#808000, transp=10, linewidth=2)
plot(disp=='price_sample_mean' or disp=='x̅ (21)'?price_sample_mean:na, title='x̅ (21)', color=#00adf8, transp=15, linewidth=2)
Overview
Z-Score BB computes the population standard deviation and standard error to derive absolute Z-score offset bands around the selected baseline. Users can toggle the indicator view between sample mean bounds and population mean bounds using the input options.
- Sample mean and population mean calculations
- Standard error and Z-score deviation bands
- Selectable baseline display options
- Customizable population period setting
Details
Published by
amico1234 on GitHub
Code credit
luminaryfi, as written in the script's header
Type
Indicator, Pine Script v4
Draws
Separate pane below the chart
Category
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
File
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| n | int | 63 | n |
| Display Z-Score from: | string | x̅ (21) | disp |
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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