Market Heat Z-Score

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The "Market Heat Z-Score" indicator calculates the Z-score of a chosen price source over a specified lookback period, indicating how far the current price is from the mean in terms of standard deviations. It visually represents overbought and oversold conditions with a color gradient and customizable glow effect, with background shading indicating extreme Z-scores.

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⚡ Market Heat ⚡ by SP_Quant

A simple and straightforward indicator that uses Z-Score to show market strength and weakness. It highlights overbought and oversold conditions with colors and optional glow effects.

It is easy to use but can be noisy, best suited for spotting quick momentum shifts and mean-reversion setups.

Calculations use only confirmed bars to reduce repainting.

⚠️ Disclaimer:
This indicator is for educational and informational purposes only and does not constitute financial advice, trading advice, or investment recommendations. Use it at your own risk. Always perform your own analysis before making any trading decisions. The author is not liable for any losses or damages resulting from the use of this script.