once again, I want to show you a different method for detecting level. Today's approach is similar to the one I posted recently, but the way the level will be detected is different. I call it the multi-timeframe standard deviation level.
How does it work?
The method is similar to the way work. First, the indicator calculates the standard deviation, which can be influenced by the "Sensitivity"- and "Length"-setting.
- Sensitiitiy - the higher the value, the fewer level will be shown
- Length - simply the length for the standard deviation formula
Second, the detected value will be added (for ) or substracted (for ) from the current close. Once the upper or lower boundaries are crossed, a level will appear and keeps moving until the up- or downward movement finishes. Then the level will settle and stay in place.
Again, as seen in my previous indicator, you can control all the different styles and colors for the levels. The best part is, the whole thing works in a multi-timeframe fashion. In an example, you could select the "Daily" level and plot them on a 4-hour chart.
If you find this indicator useful, please leave a "like" and hit that "follow" button :)
Have fun, happy trading and once again Merry Christmas :)))
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.