Dynamic Deviation Levels [BigBeluga]

Dynamic Deviation Levels is an innovative indicator designed to analyze price deviations relative to a smoothed midline. It provides traders with visual cues for overbought/oversold zones, price momentum, levels through labeled deviations and gradient candle coloring.

🔵Key Features:

• Smoothed Midline:
  A central line calculated as a smoothed median of the price source, serving as the baseline for price deviation analysis.
  
• Dynamic Deviation Levels:
  - Three deviation levels are plotted above and below the midline, with labels (1, 2, 3, -1, -2, -3) marking significant price movements.
  - Helps traders identify overbought and oversold market conditions.
  
• Heat-Colored Candles:
  - Candle colors shift in intensity based on the deviation level, with four gradient shades for both upward and downward movements.
  - Quickly highlights market extremes or stable zones.
  
• Interactive Color Scale:
  - A gradient scale at the bottom right of the chart visually represents deviation values.
  - A triangle marker indicates the current price deviation in real time.
  
• Optional Deviation Levels Display:
  - Traders can enable all dynamic levels on the chart to visualize support and resistance areas dynamically.
  

🔵Usage and Benefits:

• Identify Overbought/Oversold Zones: Use labeled deviation levels and heat-colored candles to spot stretched market conditions.
  
• Track Trend Reversals and Momentum: Monitor price interactions with deviation levels for potential trend continuation or reversal signals.
  
• Real-Time Deviation Insights: Leverage the color scale and triangle marker for live deviation tracking and actionable insights.
  
• Map Dynamic Support and Resistance: Enable dynamic levels to highlight key areas where price reactions are likely to occur.
  

Dynamic Deviation Levels [BigBeluga] is an indispensable tool for traders aiming to combine price dynamics, momentum analysis, and visual clarity in their trading strategies.