Exploring StdScore v4.2: A Powerful Oscillator for MetaTrader 4

Author: fxcoder

Have you ever felt like you could use a fresh perspective when analyzing your trades? Enter StdScore v4.2, an oscillator that brilliantly mirrors the chart of your selected asset in a separate window. Whether you're a fan of lines, bars, or candles, this tool has you covered. Think of it as a Bollinger Bands indicator, but with a twist—it's displayed in a separate window for a unique view.

In my experience, this indicator is a gem for beginners, offering a new angle on technical signals. I’ve found it particularly handy when using it to filter out those tricky moments that could derail your trades.

How It Works:

This oscillator calculates a standard assessment and presents it in the form of candles. Here’s a quick look at the formula:

Where:

μ: Moving average
σ: Standard deviation

Key Features:

The last candle (current candle) can often redraw itself, especially at the beginning—this is just a quirk of the calculation.
It doesn't check the availability of history, which can be crucial when using a symbol other than the current one.

Parameter Breakdown:
Parameter Description
Period Calculation period
Symbol Symbol; leave empty for the current symbol
Reverse Reverses indicator values
Applied Price Estimated price; by default, uses Median Price (HL / 2) for less redrawing
Value and Line Price Chart type: Line, Bar (High/Low price), Candlestick
Bull Color Color of the bullish candle/bar
Bear Color Color of the bearish candle/bar
Background Color Background color
Body Width Thickness of the candle body; 0 - auto-detect, 1 - body hidden
Maximum Bars Maximum bars displayed; 0 means no limit
Shift Shift of the indicator values

Parameter	Description
Period	Calculation period
Symbol	Symbol; leave empty for the current symbol
Reverse	Reverses indicator values
Applied Price	Estimated price; by default, uses Median Price (HL / 2) for less redrawing
Value and Line Price	Chart type: Line, Bar (High/Low price), Candlestick
Bull Color	Color of the bullish candle/bar
Bear Color	Color of the bearish candle/bar
Background Color	Background color
Body Width	Thickness of the candle body; 0 - auto-detect, 1 - body hidden
Maximum Bars	Maximum bars displayed; 0 means no limit
Shift	Shift of the indicator values

Interpretation Tips:

If you're holding a trade in the positive zone, a shift in indicator values from 2 to 4 might signal a local rebound. This is a good time to consider locking in profits if your trade strategy is geared towards short movements.