Custom Indicator (Prev Std Dev's above the Open)

[HJSInvesting]

Hi

Can someone help me with building a Custom Indicator for NT 6? What I need is to build an Indicator of:

Current Open Price (0) + 2 Std Dev of (Highs - Opens) [for n periods back].

What I need is to add, to the current Open, 2 Std Dev of the Diff between Highs and Opens. For whatever past periods I choose (i.e. 14)

For example: As soon as a Bar Opens I want to plot above that open, 2 Std Dev (of the difference between the Highs and the Opens for the past "x"periods).

What I do in excel is that I calculate for each of the previous Bars the difference between the High and the Low, and from there I calculate the Std Dev of those differences for the Period that I select (i.e. 14). Finally I add the last Std Dev (14) * 2 to the current open. That gives me an idea of the expected magnitud of my potential new High. The larger it is, the more consistent it is with a Long position and viceversa, the shorter it is, the more consistent with a Short position.

Thanks in advance for your help

HJS

[Pete S]

Sounds simple but I think there is an inconsistency in your post. At first you said (Highs - Opens), but when talking about your spreadsheet, you said "the difference between the High and the Low". Am I misunderstanding or is there a typo?

[HJSInvesting]

Custom Indicator (Prev Std Dev's above the Open)

Thanks Pete for your prompt response.

You are right, it was a big typo! What I mean is the difference between Highs and Opens of each day.

Thanks again.

HJS

[HJSInvesting]

Pete,

Here is a print of the spreadsheet that I use in Excel. The last Column in light blue is what I need to Plot after each new Open.

Later, after finding how to do this, I will do the same for Opens - Lows.

Thanks again

HJS

[Pete S]

Here's what I think you described. Take a look and let me know, I'm still not 100% sure this is what you meant.

Oh, and I did this on 6.5, but there should not be anything 6.5 specific in it.

[HJSInvesting]

Thanks Pete!

I really appreciate your help, I took a quick look at it and it seems to be exactly what I needed. I need to leave now but the only question I have is what about if I want to change the #of Std Dev's? let's say from 2 to 1? should I do it directly in the Script Editor? I didn't see it as a Parameter to change, in the same way as the Period is.

Thanks again!

Hector

[Pete S]

Modified to include # of std devs as a param. It's a double so you can use fractional values e.g. 1.5.

[NinjaTrader_Ray]

Pete S,

Thanks for your contribution, we at NinjaTrader appreciate it.