Standard Deviation Channels X3 For ThinkOrSwim

[M_Morisette]

1. Great for novice traders
2. Simple but effective.
3. Reversion to the mean.

#
## Title: Standard Deviation Channels x3
## Author: Matt Morisette
## Date: 1/19/2022
## Original Study: TDA StandardDevChannel
#



## GLOBAL START ##
input price = close;
input fullRange = Yes;
input length = 21;

def regression;
def stdDeviation;
if (fullRange) {
    regression = InertiaAll(price);
    stdDeviation = stdevAll(price);
} else {
    regression = InertiaAll(price, length);
    stdDeviation = stdevAll(price, length);
}

plot MiddleLine = regression;
MiddleLine.SetDefaultColor(CreateColor(255, 236, 74));
MiddleLine.SetStyle(Curve.SHORT_DASH);
## GLOBAL END ##



## DEVIATION 1 ##
input deviation_1 = 1.0;
plot upperLine_1 = regression + deviation_1 * stdDeviation;
plot lowerLine_1 = regression - deviation_1 * stdDeviation;
upperLine_1.SetDefaultColor(CreateColor(255, 1, 154));
lowerLine_1.SetDefaultColor(CreateColor(255, 1, 154));



## DEVIATION 2 ##
input deviation_2 = 2.0;
plot upperLine_2 = regression + deviation_2 * stdDeviation;
plot lowerLine_2 = regression - deviation_2 * stdDeviation;
upperLine_2.SetDefaultColor(CreateColor(255, 249, 202));
lowerLine_2.SetDefaultColor(CreateColor(255, 249, 202));
upperLine_2.SetStyle(Curve.SHORT_DASH);
lowerLine_2.SetStyle(Curve.SHORT_DASH);



## DEVIATION 3 ##
input deviation_3 = 3.0;
plot upperLine_3 = regression + deviation_3 * stdDeviation;
plot lowerLine_3 = regression - deviation_3 * stdDeviation;
upperLine_3.SetDefaultColor(CreateColor(255, 129, 205));
lowerLine_3.SetDefaultColor(CreateColor(255, 129, 205));

Examples

Settings

 

[Thomas]

Thanks for posting your ideas, helpful to all....

 

[sammy]

I would like to find a Standard Deviation scan that would give me all the stocks that are currently above the + 2.5 stan. dev. line or below the -2.5 stan dev line. I've only found one written 4 years ago, however it gives zero stocks

 

[Ramisegal]

I would like to find a Standard Deviation scan that would give me all the stocks that are currently above the + 2.5 stan. dev. line or below the -2.5 stan dev line. I've only found one written 4 years ago, however it gives zero stocks

input price = close;
input fullRange = Yes;
input length = 21;
def regression;
def stdDeviation;
if (fullRange) {
regression = InertiaAll(price);
stdDeviation = stdevAll(price);
} else {
regression = InertiaAll(price, length);
stdDeviation = stdevAll(price, length);
}
input deviation = 2.5;
plot upperLine = close >(regression + deviation * stdDeviation);
#plot lowerLine_3 = regression - deviation_3 * stdDeviation;

 

[sammy]

Really appreciate you responding.........too busy today, but I have all day tomorrow to get after it.........sammy

 

[AveryLynch]

Thank you for the information.