Multi Z Score [DW]

This is an experimental study using z scores of multiple sampling periods to analyze price trends.
Z score measures the number of standard deviations price is from its mean.

In this study, z scores are calculated over a Fibonacci sequence of sampling periods from 3 to 4181.
The scores are then averaged with equal weighting, resulting in a display of long term trend with short term sensitivity.

Custom bar colors are included. The color scheme is based on the perceived trend from the average z score.
Versionshinweise: Updates:

Added dynamic weightings to the script based on a request @mcbw_.
There are four weigting methods to choose from:
-> Equal Weights - The original method.
-> Volume Weights - Weights each Z score by its cumulative volume
-> Length Weights - Weights each Z score by its sampling period
-> Volatility Weights - Weights each Z score by its standard deviation of price over its respective sampling period

Added exponential smoothing to the script for a noise reduced result

Made some changes to the aesthetic:
-> Average Z Score is now plotted as columns
-> Individual Z Scores are now plotted as circles
Versionshinweise: Updates:

-> Migrated to v4.
-> Rebuilt script and reorganized the structure.
-> Main calculations have been converted to functions.
-> Z-scores now have adjustable periods and toggle switches so you can customize your experience.
-> Fixed an issue with volume detection. Now, when volume weigths are being used, tick volume will automatically be used when real volume is NaN.
-> Added an option to invert the weights for average Z-score. Enabling this will place heavier weighting on shorter term data. This does not affect the output when equal weights are used.
-> Revamped color scheme.
Open-source Skript

Ganz im Sinne von TradingView hat der Autor dieses Skripts es als Open-Source veröffentlicht, damit Trader es verstehen und überprüfen können. Ein Hoch auf den Autor! Sie können es kostenlos verwenden, aber die Wiederverwendung dieses Codes in einer Publikation unterliegt den Hausregeln. Sie können das Skript den Favoriten hinzufügen, um es auf dem Chart zu verwenden.

Möchten Sie dieses Skript auf einem Chart verwenden?
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Man, absolutely love this one. Thanks for putting it together. I paired it with McGinley Fan (13, 26, 52) and it works like a charm
+2 Antworten
Would be super interesting to see this with dynamic weightings
+2 Antworten
@mcbw_, A dynamic weighting would potentially deliver an interesting result. However, the reason for the equal weightings is that I wanted equal emphasis on long and short term parts.

I could always incorporate different weighting options though, so I'll play around with some different methods for weighting and incorporate any useful ones in an update.
+2 Antworten
DonovanWall DonovanWall
@mcbw_ , The script now has four weighting options.
+4 Antworten
mcbw_ DonovanWall
Hey @DonovanWall ! I am very excited to test this out and see what new possibilities there are. Thanks for throwing this in! Always solid work
+3 Antworten
Looks phenomenal @DonovanWall !!

Would love to test this out more - I'm wondering if there's anyway this can be converted to a Strategy/Backtester script I can have a play with? I've gave it a go and it's obviously way over my head as my strategy work only incorporates basic 2-line cross based indicators at this stage...
+1 Antworten
Can't wait to play with it, Thank you mate
+1 Antworten
Absolutely enjoying this! Love to see z-score due to its statically value! Hope to see some more work with z-score from your brilliant mind