The Z-Scored Volume (CSV) indicator is designed to make it easier to identity potential market extremes.
What is the Z-Score?
The Z-Score is a statistical measure that quantifies how far a particular data point is from the mean of a group of data. It's expressed in terms of standard deviations from the mean.
How to calculate the Z-Score?
Z-Score = (Value - Mean) / StDev
How the script works
In this script we calculate the Z-Score of the charts volume.
We get the Mean of the predefined period in the Length Configuration tab by using the ta.sma function.
We get the StDev of the predefined period in the Length Configuration tab by using the ta.stdev function.
The default period is 360.
Past performance does not guarantee future results. This indicator is for informational & educational purposes only.