OPEN-SOURCE SCRIPT

Visible Range Mean Deviation Histogram [LuxAlgo]

This script displays a histogram from the mean and standard deviation of the visible price values on the chart. Bin counting is done relative to high/low prices instead of counting the price values within each bin, returning a smoother histogram as a result.

Settings

  • Bins Per Side: Number of bins computed above and below the price mean
  • Deviation Multiplier: Standard deviation multiplier


Style

  • Relative: Determines whether the bins length is relative to the maximum bin count, with a length controlled with the width settings to the left.
  • Bin Colors: Bin/POC Lines colors
  • Show POCs: Shows point of controls


Usage

Histograms are generally used to estimate the underlying distribution of a series of observations, their construction is generally done taking into account the overall price range.

The proposed histogram construct N intervals above*below the mean of the visible price, with each interval having a size of: σ × Mult / N, where σ is the standard deviation and N the number of Bins per side and is determined by the user. The standard deviation multipliers are highlighted at the left side of each bin.

A high bin count reflects a higher series of observations laying within that specific interval, this can be useful to highlight ranging price areas.

תמונת-בזק

POCs highlight the most significant bins and can be used as potential support/resistances.
הערות שחרור
Minor changes.
LUXluxalgoprofileresistancesStandard DeviationStandard Deviation (Volatility)supportSupport and Resistancesupportandresistancezones

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