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Median Proximity Percentile [AlgoAlpha]

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📊🚀 Introducing the "Median Proximity Percentile" by AlgoAlpha, a dynamic and sophisticated trading indicator designed to enhance your market analysis! This tool efficiently tracks median price proximity over a specified lookback period and finds it's percentile between 2 dynamic standard deviation bands, offering valuable insights for traders looking to make informed decisions.

🌟 Key Features:
  • Color-Coded Visuals: Easily interpret market trends with color-coded plots indicating bullish or bearish signals.
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  • Flexibility: Customize the indicator with your preferred price source and lookback lengths to suit your trading strategy.
  • Advanced Alert System: Stay ahead with customizable alerts for key trend shifts and market conditions.


🔍 Deep Dive into the Code:
  1. Choose your preferred price data source and define lookback lengths for median and EMA calculations.
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  2. Calculate median value, price deviation, and normalized value to analyze market position relative to the median.
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  3. Determine upper and lower boundaries based on standard deviation and EMA.
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  4. Compute the percentile value to track market position within these boundaries.
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  5. Enhance your analysis with Hull Moving Average (HMA) for smoother trend identification.
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  6. Visualize trends with color-coded plots and characters for easy interpretation.
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  7. Set up advanced alerts to stay informed about significant market movements.
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🚨 Remember, the "Median Proximity Percentile [AlgoAlpha]" is a tool to aid your analysis. It’s essential to combine it with other analysis techniques and market understanding for best results. Happy trading! 📈📉
Release Note
Replaces "EMA" with "HMA" in the inputs.
Release Note
Added Alerts for trend swings
Added the option to turn on/off the noise scatterplot

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