Z-Score Aggregator

Overview:

This indicator is designed to take multiple other indicators as inputs, calculate their respective Z-scores, and then aggregate these Z-scores to provide a comprehensive measure. By transforming the inputs into Z-scores, this indicator standardizes the data, enabling a more accurate comparison across different indicators, each of which may have different scales and distributions.

This indicator is beneficial for Mean-Reversion style trading and investing as it standardizes indicators and lets them work together in one system.

The Z-score, which represents how many standard deviations an element is from the mean, is a crucial statistical tool in this process. It allows the indicator to normalize the varying data points, ensuring that each indicator's contribution to the aggregate score is proportional to its deviation from the average performance.

Inputs:

Z-score length: How far Back it will take into account the inputs

Number Of Sources: This is to set the number of inputs the indicator uses so it calculates them properly and uses only the number of indicators you want.

Source Inputs: 1-10 inputs (no need to use them all as long as you set the number of used indicators beforehand).

Note:

There are three indicators used in this example which are CCI, RSI and Sharpe Ratio. The indicator calculates their individual Z-scores and takes an average. Because Number Of Sources is set to 3 it only uses the first 3 indicators in use.