OPEN-SOURCE SCRIPT
Premier Stochastic Oscillator [LazyBear, V2]
This script builds on the well-known Premier Stochastic Oscillator (PSO) originally introduced by LazyBear, and adds a Z-Score extension to provide statistical interpretation of momentum extremes.
Features
Premier Stochastic Core: A smoothed stochastic calculation that highlights bullish and bearish momentum phases.
Z-Score Mapping: The PSO values are standardized into Z-Scores (from –3 to +3), quantifying the degree of momentum stretch.
Positive / Negative Z-Scores:
Positive Z values suggest momentum strength that can align with accumulation or favorable buying conditions.
Negative Z values indicate stronger bearish pressure, often aligning with selling or distribution conditions.
On-Chart Label: The current Z-Score is displayed on the latest bar for quick reference.
How to Use
Momentum Confirmation: Use the oscillator to confirm whether bullish or bearish momentum is intensifying.
Overextended Conditions: Extreme Z-Scores (±2 or beyond) highlight statistically stretched conditions, often preceding reversions.
Strategic Integration: Best applied in confluence with trend tools or higher-timeframe filters; not a standalone trading signal.
Originality
Unlike the standard PSO, this version:
Adds a Z-Score framework for objective statistical scaling.
Provides real-time labeling of Z values for clarity.
Extends the classic oscillator into a tool for both momentum detection and mean-reversion context.
Features
Premier Stochastic Core: A smoothed stochastic calculation that highlights bullish and bearish momentum phases.
Z-Score Mapping: The PSO values are standardized into Z-Scores (from –3 to +3), quantifying the degree of momentum stretch.
Positive / Negative Z-Scores:
Positive Z values suggest momentum strength that can align with accumulation or favorable buying conditions.
Negative Z values indicate stronger bearish pressure, often aligning with selling or distribution conditions.
On-Chart Label: The current Z-Score is displayed on the latest bar for quick reference.
How to Use
Momentum Confirmation: Use the oscillator to confirm whether bullish or bearish momentum is intensifying.
Overextended Conditions: Extreme Z-Scores (±2 or beyond) highlight statistically stretched conditions, often preceding reversions.
Strategic Integration: Best applied in confluence with trend tools or higher-timeframe filters; not a standalone trading signal.
Originality
Unlike the standard PSO, this version:
Adds a Z-Score framework for objective statistical scaling.
Provides real-time labeling of Z values for clarity.
Extends the classic oscillator into a tool for both momentum detection and mean-reversion context.
Skrip sumber terbuka
Dalam semangat sebenar TradingView, pencipta skrip ini telah menjadikannya sumber terbuka supaya pedagang dapat menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupun anda boleh menggunakannya secara percuma, ingat bahawa menerbitkan semula kod ini adalah tertakluk kepada Peraturan Dalaman kami.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Skrip sumber terbuka
Dalam semangat sebenar TradingView, pencipta skrip ini telah menjadikannya sumber terbuka supaya pedagang dapat menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupun anda boleh menggunakannya secara percuma, ingat bahawa menerbitkan semula kod ini adalah tertakluk kepada Peraturan Dalaman kami.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.