Idea is simple - if we can do Mean, can we do Standard Deviations? It should be the same logic, the only difference is instead of actual datapoints we gotta use reciprocals.
In reality I've found smth really curios, it's possible to get these Standard Deviations, however, somewhy, depends on your timeframe, u gotta do final sqrt different amount of times. And looks like... the market reacts to these levels.
That's why in the script settings there is a menu where you can choose how many times to perform sqrt operation.
Pls check it out, play with it, see maybe you'll see smth interesting.