Slope Zs
Slope Z Layout
Calculates the Slope in a Z-Score format of the following indicators, displayed as column indicators shown below or as chart indicators shown above.
1. RL10 Slope
2. RL10 Slope-Z
3. RL30 Slope
4. RL30 Slope-Z
5. SMA 10 Slope
6. SMA 10 Slope-Z
7. SMA 30 Slope
8. SMA 30 Slope-Z
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Let's review the RL10 indicator.
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We plot the RL10 Slope value as a line and the RL10 Slope Z-Score value as a histogram. They are plotted independently on their own scale.
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The histogram is color coded according to their Z-Scores as described in the conditional color table.
We have also overlaid a third signal, which is the RL10 crossing the Mean. This is abbreviated as RL10XM. Just for clarity, the Mean is the thirty period simple moving average. RL10XM shows a positive (colored yellow) spike when RL10 crosses up through SMA30 (the mean) and a negative (colored orange) spike with RL10 crosses down through SMA30.
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Note that we've packaged up the four indicator Z-Scores into one layout. In practice you'll use one or two of these indicators. Delete the ones you don't want.