Statistical Volatility° [Pro+] (Joshuuu)

1. Concept Introduction

2. Indicator Features

3. Settings and usage

Concept Introduction

Statistical Volatility is a collaborative-built indicator designed to help traders track the historical range volatility of each individual candle of a given Timeframe. Compared to traditional volatility metrics, or lookback-based volatility calculations, this indicator is focused on the idea of Time-based volatility.

Whether you are looking at intraday price movements or weekly trends, this tool provides a clear, visual representation of the average range each candle typically covers. By understanding these volatility patterns, traders can observe when markets are likely to expand or consolidate, based on Time.

To obtain these insights, the indicator normalizes the range data of each candle relative to its historical context. Instead of showing exact percentages, the height of each bar in the volatility graph visually represents how the current candle’s range compares to the average range for that specific time period. This makes it easy to identify which times of day consistently experience expansion or contraction — and to compare volatility across different trading sessions with clarity.

The Statistical Volatility Indicator now includes displacement detection, directional and time filters, a customizable volatility pane, and real-time volatility overlays—giving traders more customization to interpret momentum shifts and institutional footprints with statistical clarity.

Indicator Features

Detailed Volatility Tracking:

The Statistical Volatility indicator enables traders to track the volatility of each candle and session throughout the day, week, or month, depending on the selected Timeframe. It helps to identify statistical Times to emphasize when expansion or consolidation, beyond what current price data may showcase.

Timeframe Adaptability

On lower timeframes such as the 5 Minute Timeframe, the indicator calculates and plots a statistical Heatmap depicting 5 Minute candle volatility of the day. On higher timeframes, such as 1 Hour Timeframe or above, the ranges are plotted for each candle of the week. This adaptability ensures the indicator is versatile for day traders, scalpers, and swing traders alike; maintaining a highly granular yet versatile data-backed visualization.

Flexible Display Options

Traders can choose between different visualization methods, selecting either a Heatmap or a Histogram, to display the volatility calculations. The Heatmap offers a simple visualization of the data as seen above, relying entirely on the color gradient to display volatility. On the other hand, the chart below gives more flexibility to the analyst by providing a more detailed visual analysis, with the ability of overlaying current Time-based volatility.

Displacement Detection Engine

This setting allows users to identify unusually large candles based on statistical deviation from historical norms. Sensitivity can be adjusted using predefined thresholds (e.g., 200%–500%) or fully customized values. Filters for time, direction, and candle size allow traders to classify their perception of relevant moves—often aligning with larger institutional activity.

Statistical Table Overlay

The Table has options to change chart location, size, and data transparency controls. When using displacement filters, the table dynamically shows historical lookback comparisons based on recent days, enabling deeper insight into how current candle behavior diverges from typical volatility signatures.

How Traders Can Use Statistical Volatility [Pro+] (Joshuuu) Effectively:

Data-Based Optimization: By understanding when the market typically experiences its largest or smallest moves, traders can understand a historical Time-based narrative overlayed on current price action. Especially when backtesting, this information can help analysts' focus on specific models inside of these respective Time windows.

Asset-Specific Insights: Currencies like Forex pairs (i.e. EURUSD, AUDUSD ) or other Asset Classes tied to a particular geographical location (i.e. NQ! in the United States, DAX in Germany), experience volatility spikes during the local market Time and openings. Each asset has its own “active” period when liquidity and volatility are increased. This makes Statistical Volatility particularly useful for traders who focus on a basket of assets across different time zones.

Timeframe-Linked Volatility Display

The Statistical Volatility Pro indicator adapts to your active chart timeframe and continuously maps the volatility of individual candles — but in a way that reflects the rhythm of a higher-timeframe structure.

For example, on the 1-minute chart, the volatility histogram updates with each 1-minute candle, but the broader histogram reflects how volatility is building within the current 4-hour candle.

General Settings

Timezone

Aligns the volatility calculation and displacement visuals to your preferred timezone. Useful for traders working across multiple sessions or regions.

Calculation Type

Choose the statistical method used to calculate volatility:

• Mean (average): Accounts for extremes to provide a broad overview.

• Median: More resistant to extremes caused by news events, macro economic drivers, and other outliers.

Analyst Insight: Median is ideal when you want to reduce distortion from large wicks or abnormal candles.

Calculation Lookback

Controls the number of past candles used in the volatility calculation. A longer lookback smoothes the output, while a shorter one increases reactivity.

Available presets:

• 5 / 20 / 40 / 60: Fixed lookback periods for quick selection.

• Maximum: Uses the full available lookback window for the user’s TradingView’s plan for historical bar lookback, per Timeframe.

• Custom: Manually define any lookback length for tailored analysis.

Low Volatility / High Volatility

Customize the gradient colors used to visually distinguish between low and high volatility periods.

Analyst Insight: Use contrasting colors for quick, at-a-glance interpretation of market state transitions.

NEW! - Statistical Displacement Candles

Strength

Activates displacement logic and sets the sensitivity level.

• Choose from: Low, Medium, High, Extreme, or use a Custom percentage (e.g., 350%) to define how much larger a candle must be compared to the average to qualify.

Analyst Insight: Higher values = fewer but more distinguished visualizations (e.g., stronger, larger, faster market activity).

Size Filter

Allows users to choose an optional minimum candle size filter to ignore smaller fluctuations.

• Auto: Adapts to market behavior dynamically.

• Percentage: As a percentage of the assest

• Pips: for Forex and Currency Futures

• Points: for Futures

• TIcks: for Bonds Futures

• Manual: Input a custom size threshold (e.g., 5 points/pips/etc.).

Analyst Insight: Backtest your model’s movement to tailor your analysis to familiar market movements. Scalpers, day traders, swing traders, and position traders will look to tailor their manual sizes in accordance to set deliveries.

Time Filter

Define tailored time windows for displacement detection using up to three intervals.

Example:

• 02:00–05:00 (Asia)

• 08:30–11:00 (London)

• 13:30–16:00 (New York)

Analyst Insight: Allows users to focus on session-specific volatility and remove volatility metrics from Times outside of normal analysis or market routine.

Day Filter (Mon–Sun)

Restrict displacement detection to specific weekdays.

Analyst Insight: Ideal for tailoring specific chart templates for key Day of the Week models and factoring out low-liquidity weekend data or targeting high-volume weekdays.

Direction

Select whether to analyze:

• Upclose (bullish candles)

• Downclose (bearish candles)

• Both bullish and bearish candles

Analyst Insight: Helps you isolate directional moves or identify volatility in accordance to set market bias.

Reset HTF

Automatically resets the displacement logic per selected higher-timeframe interval:

• Options include: 1 day, 1 week, or custom values

Analyst Insight: Prevents visual clutter and keeps the chart context fresh.

NEW! - Statistical Candle Drawings

Drawing Type

Selects the visual method used to represent displacement candles:

• High-Low: Plots the entire candle range, ensuring to capture the full volatility

• Open-Close: Emphasizes body structure, focusing on the bulk of the volume

• FVG: Shows Fair Value Gap structure only if a valid three-candle FVG formation is present

  • Displacement alone is not sufficient—without a qualifying FVG, the FVG will be painted

Analyst Insight: Useful for aligning displacement logic with your preferred charting approach.

Position

Configure the placement and extension of displacement drawings:

• Anchor Point: Set where the drawing begins — typically at the current candle.

• Extension Length:

  • Current Bar: Display levels from the displacement to the current bar

  • Offset: Display levels next to the current bar. 50% Fill: Marks the zone as filled when price wicks to 50% of its range

  • Full Fill: Considers the zone fully mitigated when the wick reaches the full extent of the displacement

  • Bars: Extends the zone a set number of bars into the future from the displacement candle

Analyst Insight: Use longer extensions to maintain visibility as price moves forward.

50% Line

Adds a midpoint reference line inside the displacement candle visualizations. Customize your charts with:

• Style: Dotted, Solid, etc.

• Opacity/Line Weight: Customize with color sliders and numerical inputs

• Color: Choose from TradingView’s palette or your own custom color codes

Analyst Insight: Midpoints often serve as re-test or rejection zones in displacement structures

Tooltips

Enables interactive tooltips that display statistical details:

Enable quick statistical readouts on hover. In Automatic mode, tooltip placement is based on the position of the candle's open and close, making it easy to read in context. Customize size (Small, Medium, Large) or disable entirely.

Analyst Insight: Gives quick insight into why a candle was classified as displaced—without needing to dig through stats manually.

Full Tooltip History

If enabled, this setting highlights all past tooltip data on the chart.

Analyst Insight: Helpful for deep study or pattern recognition based on past statistical anomalies.

Graph Pane

Volatility

Defines the threshold for when volatility is considered significant:

• Low: Shows all phases, including ranging/consolidation

• Medium: Filters out the bottom 33% of volatility readings

• High: Highlights only the top 33% of volatile periods

• Custom: Use a numeric value (e.g., 33) to define your own cutoff point

Analyst Insight: Great for filtering noise or identifying breakout environments.

Graph Display

Choose how the volatility data is visualized in the sub-pane:

• Heatmap: A smooth, color-gradient layout to intuitively reflect volatility intensity

• Histogram: Traditional bar chart view of volatility magnitude per candle

• None: Disable the volatility display pane entirely

Current Volatility

Enables a real-time overlay showing the current volatility reading.
Important Note: Only works when “Histogram“ is enabled.

• Customize color for easy visual tracking

Analyst Insight: Ideal for active monitoring—especially during high-impact news or session opens.

Table Settings

Table

Toggle to display a table on your chart showing historical volatility statistics.

• Position:

  • Vertical: Top, Middle, or Bottom of screen

  • Horizontal: Left, Center, or Right of screen

• Size: Small, Medium, or Large depending on your layout preference

Analyst Insight: Perfect for contextualizing current volatility with historical benchmarks.

Show Samplesize

Displays the number of data points used in the current statistical calculation.

Show Filters

Lists any active filters applied (e.g., time filters, size filters) directly in the table.

Usage Guidance:

1. Add Statistical Volatility [Pro+] (Joshuuu) to your TradingView chart.

2. Customize your preferred volatility calculation type, gradient colors, and plot styles.

3. Use the volatility graphic to monitor current and upcoming shifts in volatility.

4. Incorporate Statistical Volatility [Pro+] (Joshuuu) into your existing statistical strategies to fine-tune your interpretation of market behaviour.

Get Access to this script here!

P.S. We appreciate you reading our tool manual! Your feedback is invaluable in helping us grow to strengthen our community. Please let us know in Discord any way we can improve!
Take 10% off your first billing using code FEATURES10.