INVITE-ONLY SCRIPT
Volatility Likelihood
Currently in development, this script identifies if there is enough gas in the tank for a move. A cross above the yellow band means that volatility is likely to increase drastically.
Price is unlikely to move if you are below the yellow band.
Do note that it does not indicate direction but only tells you if a move is likely. This can be used in confluence with any other indicator to identify if the signal other indicators give you are actually likely to move price.
This can be used on any timeframe and is very useful to see if price is just wicking or actually going to be a move outside of a tight trading range. A very useful tool in an over leveraged market where price swings are drastic.
Thanks to Happy for helping code this script.
Price is unlikely to move if you are below the yellow band.
Do note that it does not indicate direction but only tells you if a move is likely. This can be used in confluence with any other indicator to identify if the signal other indicators give you are actually likely to move price.
This can be used on any timeframe and is very useful to see if price is just wicking or actually going to be a move outside of a tight trading range. A very useful tool in an over leveraged market where price swings are drastic.
Thanks to Happy for helping code this script.
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