MMT Timeframe-based Standard Deviation

MMT Timeframe-based Standard Deviation

This Pine Script indicator is based on Session-based standard deviation by @dc_77. Full credits to him.

Key Features:

Choice of timeframes: User can choose the timeframe of their choice for standard deviation. Example in picture is for weekly standard deviation
Historical Analysis: Uses a user-specified number of past sessions (default: 60) to compute the standard deviation of price movements relative to the session open.
Projection Lines: Displays toggleable lines at multiple SD levels with adjustable styles, colors, and widths for easy visualization.
Flexible Display: Extend lines beyond the current bar with an offset setting, and adjust label sizes for clarity.
Real-Time Updates: Lines dynamically extend as the session progresses, keeping projections relevant to the current bar.

How It Works:
At the start of each timeframe of choice, the indicator records the opening price and calculates the SD based on price deviations from the open across historical sessions. It then plots the open price line and, if enabled, projection lines at the specified SD intervals. These lines help traders identify potential support, resistance, or volatility zones based on statistical norms.

Use Case:
Ideal for day traders or analysts doing day trades or swing trades to gauge price ranges and volatility within specific trading timeframe, such as market opens or key economic hours.