What is the Weekly Price Statistics Indicator?
The Weekly Statistics Indicator is a tool that will draw levels on your charts based on the expected moves for each week. Given that expected moves are calculated moment to moment based on price action, it would be amazing to be able to see historically expected move calculations to gauge whether or not there is an edge available. The Weekly Statistics Indicator does just that, it displays historical expect move levels to help you understand how options are being priced in for their respective expiration. By default, the indicator will look back 30 weeks and give you a true range for price based on where expected moves have been for recent bars.
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How do I read the Weekly Price Statistics Indicator?
The indicator prints clearly defined lines on each of your price bars or candles and will be displayed all the way to the right end of your chart. What you can expect to see are red and green lines above and below a white zero line which is drawn at the high of the low bar or low of the high bar depending on the price trend. These levels are defined as your preliminary targets based on the first bar of each week.
The white bar is drawn based on the high or low of the first bar printed each week.
The red bars represent the H1 and H2 which are 1 and 2 standard deviation highs from the initial print for the week. These are average high prints for the opening level and calculated averages based on prior data.
The Green Bars are your average low standard deviations based on the opening price printed at the beginning of the week. Similar to the red bars, these green bars represent 1 and 2 standard deviation moves which are averages based on historical lows on the weeks prior.
How can this indicator help my trading?
This indicator is perfect for keeping an eye on potential price action ranges. This can help you to determine more efficient trade structures base on historical expected move data. When looking to set up your trades, you can define your risk further with these rigid expected move levels. Weekly expected moves and provide insight beyond the snapshot provided by most platforms for expect move and will allow you to make a more informed decision based on recent expected move values. Having this information is key to building positions with proper hedging strategies as well as proper market sentiment based on actual historical data.
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Two Week Statistics Indicator