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Zscore Indicator Suite

5

******** 5 INDICATORS IN 1 *********** 

In statistics, the Zscore tells us the number of standard deviations by which the value of a raw score is above or below the mean value of what is being observed or measured. In trading the Zscore tells us the number of standard deviations by which the value of price is above or below a moving average of choice. For example a Zscore of 1.5 in a period of 20 tells us the closing price is currently 1.5 x standard deviations above the 20 period Moving Average. 

The ZscoreSuite offers to calculate & illustrate the Zscore not only of Price, but of Moving Averages, Volume, and two custom functions Range (Volatility) and Trend in the form of an Oscillator combined with a moving average of the Zscore which serves as a signal line to better determine entries or exits when these two cross.

The following 5 modes are now available: 

1) 1st ScreenShot ~ Classic (Calculates ZScore of Price), in this mode you can see whether price is above or below the mean average (period of your choice) determined by a + or - value. The value itself represents a Standard Deviation multiplier. In essence it tells you how much Price is currently deviated from such Moving Average.

2) 2nd Screenshot ~ ZAverage (Calculates the ZScore of an Average, instead of price) in this mode you can see whether an Average of your choice (ideally a short period moving average), instead of Price, is above or below the mean average (A slow moving average, period of your choice) determined by a + or - value. The value itself represents a Standard Deviation multiplier. In essence it tells you how much a Short Period Moving Average is currently deviated from the Long Period Moving Average. The idea here was to eliminate noise of price by using an average instead of Price itself. In this mode one can easily identify Moving Average Crossovers since any crossing of the ZERO line signifies a crossing of the averages. 

3) 3rd Screenshot ~ ZDev (Calculates ZScore of Standard Deviation), in this mode you can see whether the actual Standard Deviation is above or below the mean average of the Standard Deviation (period of your choice) determined by a + or - value. The value itself represents a Standard Deviation multiplier. In essence it tells you how much the Standard Deviation is currently deviated from the Average. A low reading of below -1.00 simulates the Bollinger Band Squeeze, a time of price consolidation that is bound to break. Ideally you want to enter trades when the ZDEV is increasing. Strategies where price is trending sideways will benefit when the ZDEV is decreasing as it signifies price entering consolidation mode. 

4) 4th mode ~ ZVolume (Calculates the ZScore of Tick Volume, Volume Delta & Cumulative Volume Delta), this mode serves as a great Volume indicator since it allows you to see clearly spikes in Volume based on a set period of your choice.

5) 5th mode ~ ZTrend Index, this is a custom made function we created to allow a clear identification of a Trend if there is one. On its own, this mode is a great Trend Strength Indicator. 

If the concept of Standard Deviations & ZScore is new to you, I highly recommend you visit my website at fxbabatrading.com where I explain in details these and other concepts related to the use of statistics in trading.

I would like to give credits to: Brian Twomey, FX trader & author, without whom I would be clueless about ZScore & statistics in trading and to Igor Durkin, Master MQL developer, without whom this project would not have been completed.

******************** TRADINGVIEW INDICATOR INCLUDED *********************

NOTE: Those of you who have purchased the indicator. I have managed to port the code to the TRADINGVIEW platform. If you send me an email with proof of purchase to fxbaba108@gmail.com and the email address registered to your tradingview account, I can give you access to the indicator to be used in that platform as well

Reviews 2
Vincent Paul Colombe
685
Vincent Paul Colombe 2022.01.13 19:12 
 

Love this set of indicator, especially the custom made trend indicator provided by Ricardo. ZSCORE is very useful

sudhindra
618
sudhindra 2020.06.02 08:03 
 

This is an excellent tool from FX Baba ( Ricardo Dacosta). It has several options to be tried unlike other normal z score indicators.Z Score is a principle of statistical probability. Understanding this gives a very good edge in Forex market.It will be an important tool in your tool box.Please visit https://www.fxbabatrading.com. He has elegantly explained about z score system over a series of 4 to 5 articles. Good thing is one can contact him and discuss your queries if you have any. Well deserved 5 star without an iota of doubt.

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5 (1)
The 'Volume by Price' indicator features Volume Profile and Market Profile TPO (Time Price Opportunity). Get more valuable insights out of currencies, equities and commodities data. Gain an edge trading financial markets by augmenting conventional Price Action Analysis decision-making. Highest quality real-time and historical dataset compilation. Absolute and relative dataset range selection. Drag and drop with time/price option. Unlimited dataset segmentation. Built-in presets for New York, Lo
179 USD
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Our Moving Average Crossover EA offers a unique and complete 100% automated trading solution with over 34 different types of Moving Average calculations to choose from! Yes, that right 34! See the list at the bottom of the description! So many great features! Position Sizing & Money Management - Position sizes are either fixed or calculated dynamically based on percentage of Capital available divided by pip count or ATR multiplier. Stop Loss, Target Profit, Trailing Stop & Partial Position Closi
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We would like to introduce you to our newly developed ZScore Dashboard Indicator for the Metatrader 5 platform. It automatically calculates and updates the ZScore values of Price (Z) and Tick Volume (ZV) as it changes in the particular timeframe chart to which the indicator is applied to. The Dashboard contains 4 columns per each average. Each average has the following columns: ZScore of Price (Z), 3 period SMA of ZScore of Price (ZMA), ZScore of Tick Volume (ZV) and a 3 period SMA of ZScore of
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ZBREAKOUT is a Bollinger Bands Breakout system created by FXBABATRADING. It aims to enter trades when price breakouts, during a time of increasing volatility, after a period of solid consolidation in a trending cycle. Most Bollinger Band breakout system fail because trades are entered when brice breaks out without taking into consideration whether or not volatility was rising to support the breakout, whether trading volume was there to support the continuation of the move and whether a solid tre
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Vincent Paul Colombe
685
Vincent Paul Colombe 2022.01.13 19:12 
 

Love this set of indicator, especially the custom made trend indicator provided by Ricardo. ZSCORE is very useful

sudhindra
618
sudhindra 2020.06.02 08:03 
 

This is an excellent tool from FX Baba ( Ricardo Dacosta). It has several options to be tried unlike other normal z score indicators.Z Score is a principle of statistical probability. Understanding this gives a very good edge in Forex market.It will be an important tool in your tool box.Please visit https://www.fxbabatrading.com. He has elegantly explained about z score system over a series of 4 to 5 articles. Good thing is one can contact him and discuss your queries if you have any. Well deserved 5 star without an iota of doubt.

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Version 1.6 2021.02.04
Nothing new. Small bug correction
Version 1.5 2021.02.02
We have added a few upgrades to the indicator:

- In Mode Volume, you have the choice of Tick Volume, Volume Delta or Cumulative Volume Delta
- New Mode: ZTrendIndex, a custom mode created by us, gives you a clear picture of Trend Direction. When used in this mode, change the Level input to 1 from 1.96.
Version 1.3 2020.06.06
Added Histogram version for better visuals
Added Alerts for zero crossings, signal crossings and Level crossings
Version 1.2 2020.06.02
v1.2. Added mode to calculate ZScore of Volume