Frequency Distribution Overlay [SS]

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Hello all,

This is the frequency distribution indicator. It does as the name suggests,
It breaks down the frequency distribution of any stock over a user defined lookback period and shows where the accumulations rest by percantage.

This is a function that I used to have to export to Excel or SPSS to do, but now its possible in Pinescript!

Essentially, it breaks down the areas a stock has closed in over a defined period and gives you the accumulation for each area.

What it is used for:

It is used to see where the higher areas of price accumulation rest. This helps us to identify potentially likely retracement areas and pullback areas.

It colour coordinates based on distribution and lists the composition of each zone in a label in each box.
The zones are divided by standard deviation, which means that the top and bottom of each range act as substantial areas of support/resistance (as it falls outside the normal variance of a stock).

Customizability:

The indicator is pretty straight forward, you select your desired lookback period and it will adjust accordingly.

Additionally, you can adjust for close, high, low, etc. if you want to see the accumulation and distribution of hights vs, lows vs closes.

You can toggle off the text labels if you don't want them.
The green boxes represent the areas of highest accumulation, the red box the areas of lower accumulation.

You can use it on any timeframe you wish. Above is an example of the daily, but you can also use it on the smaller TFs as well:

TSLA on the 5 minute:




And that is the indicator!

Let me know if you have questions or suggestions.
Safe trades everyone!