EMA Deviation - MetaTrader 5 Script | Trading Script Download - MT4/MT5 Resources - MetaTrader 5 Resources

By definition, standard deviation ( standard definition , also represented by the Greek letter sigma or the Latin letter s) is a measure used to quantify the variation or dispersion in a set of data values. In technical analysis we usually use it to measure the current level of volatility.

The standard deviation calculates the mean based on a simple moving average. The built-in MetaTrader 5 standard deviation can change this and can be calculated using one of the 4 basic average types. This version doesn't do that. Instead, it uses the properties of EMA to calculate what is called a new type of deviation, and since it is based on EMA, we call it EMA deviation.

It is similar to Standard Deviation, but at first glance, you will notice that it is "faster" than Standard Deviation, which makes it useful when any symbol or trading system is expected to react quickly to volatility.

Attachment download

📎 ema_deviation.mq5 (8.81 KB)

Source: MQL5 #20901