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Zscore Indicator Suite

******** 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.

Reviews 1
sudhindra
574
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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Swing Trading is the first indicator designed to detect swings in the direction of the trend and possible reversal swings. It uses the baseline swing trading approach, widely described in trading literature. The indicator studies several price and time vectors to track the aggregate trend direction and detects situations in which the market is oversold or overbought and ready to correct. [ Installation Guide | Update Guide | Troubleshooting | FAQ | All Products ] Profit for market swings with
299 USD
MACD Regular and Hidden Divergence Indicator
BJF Trading Group inc. (2202934 ON inc.)
Moving Average Convergence Divergence Indicator - trend-following dynamic indicator. MACD Divergence in other words moving average convergence divergence indicator is modern indicator with complex mathematic algorithm (BJF Trading Group innovation). You will see divergenses on the chart and indicator. Arrows painted above/below the open bar and not in the past. You can see when actually you can trade. It is never to late! Signals based on closed bars so the arrows above/below open bar never disa
210 USD
VIP Scalper
Vyacheslav Scherbak
This scalper indicator shows the moments, when you can safely earn 10 point profit with risk only 2 points. It allows greatly increase the deposit during the day, if properly money management used. The indicator has only one input parameter - number of bars, used for the calculation of trend. When the signal appeared, place pending order at the price, 2 points higher than the current price (for buy) or 2 points lower current price for sell. Stop Loss - 2-3 points; Take Profit - from 10 ponts; R
200 USD
Stochastic Divergence Indicator
BJF Trading Group inc. (2202934 ON inc.)
Stochastic Divergence Indicator is modern indicator with complex mathematic algorithm (BJF Trading Group innovation). You will see divergenses on the chart and indicator. Arrows painted above/below the open bar and not in the past. You can see when actually you can trade. It is never to late! Signals based on closed bars so the arrows above/below open bar never disappear. Stochastic Divergence Metatrader Indicator shows fractal divergence by Stochastic indicator. When divergence arises between S
210 USD
VIP Consolidation Price
Vyacheslav Scherbak
The VIP Consolidation Price indicator displays the price consolidation areas (a large gathering of sellers and buyers). If these areas are broken through, with a high probability the price will continue to move in the selected direction. The wider the price consolidation area, the higher the probability that the price will not return to the opposite boundary of the price consolidation channel after a breakthrough of the boundaries. The narrower the area, the higher the probability that price wil
200 USD
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All moving average type crossover with vol filter
Ricardo Dacosta
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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ZScore Dashboard Price and Tick Volume
Ricardo Dacosta
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
99.99 USD
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sudhindra
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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.

Reply to review
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