Author http://fxcoder.blogspot.com

An oscillator that duplicates the chart of a selected asset in a separate window in three ways: line, bars and candles. This is essentially an indicator Bollinger bands, displayed in a separate window.  In my opinion, it will be useful for beginners as a way to look at various technical signals from a different angle.  This indicator helped me in an adviser for filtering unfavorable moments for trades.

Calculation of a standard assessment and its conclusion in the form of candles.

Formula:

μ - moving average

σ - is the standard deviation

Important features:

the last candle (current candle) can be indicator redrawn strongly, especially at the beginning, this is a feature of the calculation formula

сhecking the accessibility of history is not carried out, which is especially true when using a symbol other than the current

Parameter Description

Period	calculation period
Symbol	simbol, an empty value is the current simbol
Reverse	reverse indicator values
Applied price	estimated price. By default, Median Price (HL / 2) is used as the least prone to redrawing
Value and line price	type of chart: Line, Bar - High/Low price, Candlestick
Bull color	color of the bull candle / bar
Bear color	color of the bear candle / bar
Background color	background color
Body width	thickness of the body of the candle;  0 - auto detect, 1 - body is hidden
Maximum bars	maximum number of bars displayed.  If 0 - no limit.
Shift	shift of the indicator values

Ways of interpretation:

1. When you hold a trade and it is in the positive zone, moving the indicator values from 2 to 4 indicates a likely local rebound soon, so you should think about fixing a position if your trade is designed for short movements.

2. Confirmation signalas of breakout trading ranges, as well as the provision of early signals for transactions.

If you find more interesting examples of how to work with this indicator, write to me, I will be happy!