A simple indicator, to plot the quantitatively the reversion and expansion of price from a set of means.
A green bar plots prices above the set of means. A bar plots prices below the set of means. A blue bar plots price entangled in the means. The height of the bars denotes the far-ness from the set of means.
A blue envelope over the bars is the average of this reversion/expansion. A "crossover" of any bar (red/green) over this envelope is indicated by a "green dot" a "crossunder" of any bar (red/green) under this envelope is indicated by a "red dot".
The small trend strength table (when enabled) on the right side below show in a easy manner the data presented in the "Mean Angles" indicator. Refer to description there for more details.
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Added Price Delta, scaled price performance
Added an overlap of scaled price movement vis-a-vis the expansion and contraction. Clearly identifies the trend changes and objectively defines expansion and reversion.
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Option to select another symbol (benchmark) instead of the chart symbol
This option will help in measuring the reversion / expansion vis-a-vis broader benchmark when placed side-by-side. When the other symbol (benchmark is ticked, the envelope will be of orange color and not the usual blue color. This will help in quick identification.
Refer to The lower plot is orange envelope, that of the benchmark. We can clearly observe regions where the symbol followed the benchmark, outperforms or lags the benchmark. This analysis can be done over multiple timeframes.
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Fixed other symbol EMA calculations when valid mean length of symbol starts later than benchmark
Thanks for posting this indicator, I think it's brilliant.
Can I ask a couple of questions regarding your work?
- I'm only seeing one set of data for the ticker that I'm viewing, I cannot see a secondary benchmark panel. - Can i change the benchmark to SPX, NQ as aposed to the Nifty?
Appreciate the help, thanks.
bharatTrader
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@Lanedog157, Thanks for your comments. You need to plot another instance of the indicator. So when you select the option, to use benchmark in that, it will plot against that benchmark and ignore the symbol on main chart. The envelop in this mode is plotted in orange color instead of blue. As you can see in the example below, NVIDIA brokeout of its correction, much before SPX, (green dots)
Thanks for posting this indicator, I think it's brilliant.
Can I ask a couple of questions regarding your work?
- I'm only seeing one set of data for the ticker that I'm viewing, I cannot see a secondary benchmark panel.
- Can i change the benchmark to SPX, NQ as aposed to the Nifty?
Appreciate the help, thanks.