OPEN-SOURCE SCRIPT
Descriptive Statistics [Variance]
This indicator displays the Mean and Variance of price over a selected dataset. It is designed to describe the central value of price and the degree of dispersion around it.
The Mean represents the average price level over the selected period. It acts as the central reference point of the dataset.
Variance measures how spread out price values are around the Mean. It reflects the degree of variability or instability in price movement over time.
What it shows?
1. Mean: The average price level of the selected data.
2. Variance: The average squared deviation of price from the Mean.
Key concept
1. The Mean describes the center of price behavior.
2. The Variance describes how widely price moves around that center.
Together, they provide a basic statistical view of market structure and volatility.
⚠️ Note
This indicator is for analytical and educational purposes only and does not provide trading signals or directional predictions.
AUTHOR: TUGUME WILLIAM MUTARA
The Mean represents the average price level over the selected period. It acts as the central reference point of the dataset.
Variance measures how spread out price values are around the Mean. It reflects the degree of variability or instability in price movement over time.
What it shows?
1. Mean: The average price level of the selected data.
2. Variance: The average squared deviation of price from the Mean.
Key concept
1. The Mean describes the center of price behavior.
2. The Variance describes how widely price moves around that center.
Together, they provide a basic statistical view of market structure and volatility.
⚠️ Note
This indicator is for analytical and educational purposes only and does not provide trading signals or directional predictions.
AUTHOR: TUGUME WILLIAM MUTARA
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.