This indicator plots an average daily range from hourly high-low ranges stored for each hour across a selectable number of days. It highlights time sessions on the price chart and can show a timeline and the current range box. Optional filters use a volatility
Indicator · Pine Script v5 · On the chart
Z-Score Highlighter
Calculates the Z-score of closing prices over a specified moving average period and standard deviation length.
GitHub stars2on the repository
Pine versionv5runs as is
Lines of code30
Settings3inputs
LicenceMIT
Last update1 year ago10 Apr 2025
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
30 lines of Pine Script v5 from z-score-highlighter.pine, published under MIT. Keep the author's credit and licence lines when you reuse it.
//@version=5
indicator("Z-Score Highlighter", overlay=true)
// Function to calculate the Z-score
zscore(src, length) =>
mean = ta.sma(src, length)
stdev = ta.stdev(src, length)
(src - mean) / stdev
// Input parameters
length = input(20, title="Z-Score Length")
threshold = input(2, title="Z-Score Threshold")
// Calculate the Z-score of the closing price
z = zscore(close, length)
// Highlight bars where the Z-score is above the threshold
highlightCondition = z > threshold
highlightConditionB = z < -threshold
string my_session = input.session("0830-1500", title='NYSession')
timeinrange(res, sess) => not na(time(res, sess)) ? true : false
in_session = timeinrange(timeframe.period, my_session)
// Plot a circle at the high price when the condition is met
plotshape(series=highlightCondition and in_session, location=location.abovebar, color=color.blue, style=shape.xcross, size=size.tiny, title="Z-Score High")
plotshape(series=highlightConditionB and in_session, location=location.belowbar, color=color.orange, style=shape.xcross, size=size.tiny, title="Z-Score Low")
alertcondition(barstate.isconfirmed and in_session and (highlightCondition or highlightConditionB), "Outlier take profit alert", "An outlier has been detected. Considering take profit or tightening.")
Overview
Z-Score Highlighter identifies potential statistical outliers by checking if the Z-score breaches positive or negative threshold levels during a user-configurable trading session. Outliers within session hours are marked directly on the main price chart using cross shapes above or below price bars.
- Z-score statistical calculation
- Session time range filtering
- Configurable threshold levels
- Chart overlay visual markers
Details
Published by
ryangaraygay on GitHub
Type
Indicator, Pine Script v5
Draws
On the price chart
Category
Oscillators & momentum, Volatility & bands, Sessions & time
Markets
Any symbol
Timeframes
M1-M5, M15-H1
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.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Z-Score Length | int | 20 | length |
| Z-Score Threshold | int | 2 | threshold |
| NYSession | session | 0830-1500 | my_session |
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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