Standard Z-Score scripts lack customization of parameters that I personally desire when doing quantitative analysis. This is an improved Z-Score Indicator to add to your charts that lets you customize various inputs.
Below are the current features: 1) Ticker Type - which data would you like to use for the ticker input - Open, High, Low, Close, OHLC4 2) Ticker Smoothing? - sometimes if you have noisy data, it could be useful to smooth the ticker with a very fast EMA. If this is set to true, the ticker data will be smoothed with an EMA with period that you specify. 3) Ticker Smoothing Period - if Ticker Smoothing? is set to true, this will allow you to specify the smoothing period of the fast EMA - I usually use a 3-period for all of my quantitative analysis, if I am using smoothing. 4) MA Type - Z-Scores are normalized by subtracting a moving average. This allows you to select either a Simple Moving Average (SMA) or an Exponential Moving Average (EMA) - the standard is to use SMA. 5) MA Period - the previous X number of bars that you would like to use for normalization. The default is set to 21 (this is roughly 1 month of trading days data for a daily chart). 5) Standard Deviation Period - Z-Scores are normalized by dividing by the standard deviation over X previous periods. This allows you the chance to customize. Default is 252 (this is roughly 1 year of trading days data for a daily chart).
I can add more features if folks are interested, let me know! I hope you like the script. Best regards, -Jim Bosse-