JMA Z Score - MetaTrader 5 Script | Trading Script Download - MT4/MT5 Resources
A z-score (aka, a standard score ) indicates how many standard deviations an element comes from the mean. The z-score can be calculated by the following formula.
z = (X - μ) / σ
where z is the z-score, X is the value of the element, μ is the population mean, and σ is the standard deviation.
Here's how to interpret z-scores.
It uses JMA (Jurik Moving Average) as the basis for Z-score calculation. If you set the JMA period to <= 1, you will get "regular" Z-scores (ie: "raw" prices will be used in this case, and the values will not be as smoothed as when using JMA for price pre-filtering, but this allows us to have both "regular" and "JMA-filtered" Z-scores)
You can use the color of the z-score (the change in slope direction) as a signal. You can also use the zero line crossing as a signal
Attachment download
📎 jma_z-score.mq5 (14.27 KB)
Source: MQL5 #22432
JMA Z Score - MetaTrader 5 Script | Trading Script Download - MT4/MT5 Resource Usage and Screening Suggestions
JMA Z Score - MetaTrader 5 Script | Trading Script Download - MT4/MT5 resources are trading script related resources. Before downloading or referencing, it is recommended to confirm the platform version, transaction type, time period, whether DLL is required, whether source code is included, parameter description and historical update records.
Both automated trading tools and foreign exchange indicators should first undergo backtesting, simulated account observation, and small capital verification. Pay special attention to spreads, slippages, maximum drawdowns, position opening frequency, stop loss methods, trading periods and broker rules, and avoid direct real-time execution based only on titles or short-term profit descriptions.
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