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.
This script uses the close of the on a to provide the 'implied move' for the E-mini SP500 . While it can be applied to any equity index, it's crucial to know that the is calculated using SPX options, and may not reflect the implied of other indices. The user can adjust the length of the moving average used to calculate the bands, the window of days used to calculate the implied move, and the multiplier that effects the width of the bands.
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