Time normalized
A value compared with its usual level at the same clock time.
It groups its input by clock time and reports how many standard deviations each bar sits from that clock time's average on earlier days, so busy and quiet times of day are judged against their own history.
How to read it
- Read a value as standard deviations from normal for that time of day: 2 is unusually high, -2 unusually low.
- A clock time needs two earlier days before it has a value, so the first days of a range are blank.
What it outputs
- Time-normalized
- How many standard deviations the input sits from its average at the same clock time.
Pitfalls
- Its input defaults to nothing: give it the series to normalize, such as volume.
- Clock times are minutes of the day, so it needs a range of several days before most bars have a value.