Asymmetric Z-Score Histogram

gistfile1.txt

//@version=5
//
//    _____                                        __         .__        
//   /  _  \   _________.__. _____   _____   _____/  |________|__| ____  
//  /  /_\  \ /  ___<   |  |/     \ /     \_/ __ \   __\_  __ \  |/ ___\ 
// /    |    \\\___ \ \___  |  Y Y  \  Y Y  \  ___/|  |  |  | \/  \  \___ 
// \____|__  /____  >/ ____|__|_|  /__|_|  /\___  >__|  |__|  |__|\___  >
//         \/     \/ \/          \/      \/     \/                    \/ 
//
// Disclaimers: https://t.co/kOsUzy5pCB

indicator("Asymmetric Z-Score Histogram", overlay=false)

// Input for lookback period
lookback = input.int(50, "Lookback Period", minval=10, maxval=500)

// Calculate percentage move
price_change = close - open
candle_range = high - low
percent_move = price_change / open * 100

// Calculate mean and standard deviation
mean = ta.sma(percent_move, lookback)
variance = ta.variance(percent_move, lookback)
stdev = ta.stdev(percent_move, lookback)

// Calculate z-score
z_score = (percent_move - mean) / stdev

// Plot histogram
hline(0, "Zero Line", color=color.gray)
plot(z_score, style=plot.style_histogram, color=color.blue, title="Z-Score")

// Plot reference lines at ±2 standard deviations
hline(2, "Upper Band", color=color.red, linestyle=hline.style_dashed)
hline(-2, "Lower Band", color=color.red, linestyle=hline.style_dashed)