Name: Momentum deviation – indicator MetaTrader 5
Brand: RobotFX
SKU: 2268
Price: 4.89 USD
Availability: InStock
Rating: 4.9 (115 reviews)

This is a variation on the standard deviation

it is using momentum of price (instead price itself) for calculation
it is calculated in a way that it takes minimal CPU load

As far as values are concerned, it is similar to standard deviation. Same as standard deviation it can calculate deviation of anything

Comparison : upper is this one, lower is standard deviation

Recommendations:

You can use it as any standard deviation indicator

Momentum deviation – indicator MetaTrader 5

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