Speed Trap...Too Far, Too Fast

[gaheitman]

Attached is a proof of concept indicator. It calculates the Mean and StDev of the excursions from bar open for the specified hours, and calculates the thresholds above and below each open. The thresholds are actually based on the Mean +/- multiples of the StDev.

Here are the extern variables:

Code: Select all

extern double    SD_Level_1=1;        //change these to whatever multiples of StDev you want
extern double    SD_Level_2=2;
extern double    SD_Level_3=3;
extern int       Start_Hour=8;        //inclusive
extern int       End_Hour=18;         //inclusive
extern int       Max_Data_Points = 0; //use zero to signify all available data

The bands are only displayed for the Start/End hours you specific for data gathering. After calculating the statistics, the program puts the results in the Comment. I only calculate the stats once, so the bands shown in the past wouldn't really be the bands that we'd see then,

On the 15 minute chart, the results look a bit mixed. Sometimes the thresholds serve as reversal points, other times it's the beginning of the trend. Perhaps different variations of the StDev multiples will make a difference.

Also, let me know if you find anything weird with the logic and I'll try to turn around a fix as soon as possible.

George