The NormInvTargetSeeker indicator leverages normalized inverse distribution to provide insights on market extremes, potentially identifying overbought or oversold conditions. The indicator is designed with advanced statistical tools to adjust bands dynamically based on market volatility, offering traders a unique perspective on support and resistance levels.

NormInvTargetSeeker in action on a selected financial instrument.

    Complete list of features included in this indicator:

• Inverse Normalized Performance: Calculates zones using custom periods for mean and standard deviation.
• Cross-Timeframe Analysis: Option to analyze signals across various timeframes for robust trend confirmation.
• Statistical Range Bands: Dynamic upper and lower bands adjusted for market volatility.
• Support & Resistance Lines: Automatically generated based on the outperforming and underperforming zones.
• Line and Label Customization: Full control over colors, line style, and text labeling for clear visualization.
• Volatility and Market Extremes Detection: Adjust sensitivity for volatility conditions using the deviation bands.

All options come with default settings that can be customized based on the specific market instrument you are analyzing. You can configure alerts to be notified when specific thresholds are met, including underperformance, outperformance, and price crossing deviation bands. Alerts are defined through the “alertcondition” feature, providing flexibility to set specific notifications.