This script was created to help me visualize the location of price within all main 7 averages at once (5,10,20,50,100,200,400)
It uses the Z Score function which basically tells you the distance between Price and a certain average in units of Standard Deviation.
If the indicator has a value above 0, it means price is currently trading above such average. If below 0, price is trading below.
By plotting all averages you have a wider view of where price is trading short, medium and long term.
If you have any questions/suggestions feel free to add a comment below
It uses the Z Score function which basically tells you the distance between Price and a certain average in units of Standard Deviation.
If the indicator has a value above 0, it means price is currently trading above such average. If below 0, price is trading below.
By plotting all averages you have a wider view of where price is trading short, medium and long term.
If you have any questions/suggestions feel free to add a comment below
Versionshinweise:
Update: Just made some changes so that the indicator can be applied to any symbol regardless of market.