Hello,
I am looking to re-create this for MT4 - https://easycators.com/thinkscript/z-score-distance-from-vwap/. There is a youtube video on the page along with a description.
There should be two indicators -
1) VWAP on chart - https://imgur.com/a/DkH2HAE
The red and green lines are 3 standard deviations away from the VWAP. The light gray lines are 1 standard deviation away from the VWAP. The dark gray line in the middle is the VWAP
2) Deviations Oscillator - https://imgur.com/a/wiyZkqN
The red and green bands are 2-3 standard deviations away from the VWAP (lower red band is 2 deviations, and upper red band is 3 deviations. Upper green band is 2 deviations, and low green band is 3 deviations). Light gray lines is 1 deviations. Center dark gray line is the VWAP.
The indicator should give an alert once the price becomes X number of deviations away from the VWAP (for example if we set this number to 2, when the oscillator enter the red / green band it should give us an alert)
For more details please visit the page link or watch the youtube video. If you have any questions please let me know.
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