Smart Z-Score OB

Z-Score Impulse & Institutional Order Blocks
This indicator identifies high-probability Order Blocks (OB) by calculating the statistical deviation of price momentum using Z-Score analysis. Unlike standard pivot-based indicators, it focuses exclusively on "Institutional Footprints"—areas where price exploded with significant force.

How it Works
Statistical Outlier Detection: The script analyzes the last 100 bars to determine the "normal" volatility range. When price momentum exceeds the 6.0 Z-Score threshold, it identifies a move that has less than a 0.001% probability of being random noise.

Impulse Tracking: It monitors cumulative one-way price distance (momentum). A breakout only triggers a signal if the movement is exceptionally strong relative to recent history.

Smart Order Blocks: When a "Z-UP" or "Z-DOWN" impulse is detected, the script automatically draws a horizontal box at the origin of the move. These zones represent high-interest areas where institutional orders were likely placed.

Trading Strategy (SMC Focus)
Z-UP (Green): Indicates an aggressive institutional buy. The resulting green box acts as a Bullish Order Block (Demand Zone).

Z-DOWN (Red): Indicates aggressive institutional selling. The red box acts as a Bearish Order Block (Supply Zone).

Entry: Look for price to return (Retest) to these boxes. Since these zones were created by massive momentum, they often provide high-probability entry points with clear Stop-Loss levels just outside the zone.

"Higher Z-Score = Fewer, more potent Order Block signals."