Pip Distance to EMA Target

Creator: Andrew Palladino
Modified: 3/31/2017

This script calculates the total number of pips between current close and a target EMA . There are three thresholds that can be specified to determine when that total number of pip spread exceeds a standard deviation multiple set by user. Current standard deviation thresholds on pip spread are set to 2, 2.5 and 3. A pip spread that goes above 3 standard deviations is considered very extreme. The standard deviation is calculated across a predetermined set of bars. Currently look back period for standard deviation count is set to 3000.

New Updates:
3/31/2017: The trader has now the ability to set Tradingview Alerts which trigger when any of the thresholds are exceeded.