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In statistics if a data point distance from data mean point is very high or low in comparison to rest of the data is called outliers and knowing the data outliers help us increase the accuracy of our data parameters like mean by removing those data points, the idea behind current indicator is to use those outliers as price top and bottom levels so you will be able to know how high or low is the current price based on previous outliers and you will get a clear picture of current market condition.

This indicator is designed similar to Bollinger Bands and it uses John Tukey IQR high / low range formula to find the outliers which are:

range high = data 75% level + (IQR * 1.5)
range low = data 25% level - (IQR * 1.5)

Anything above the “range high” or below “range low” is considered as an outlier and IQR means interquartile range which is:

 IQR = 75% data level - 25% data level

You can use this indicator for different purposes:

  • Finding the overbought/oversold condition
  • Entry signal in a mean reversion strategy
  • Measuring market volatility

By looking at this indicator you may ask what’s the difference with Bollinger Bands? This indicator isn’t using the mean or moving average which is the middle line of Bollinger bands and also it’s not using the standard deviation instead it uses the price median for the middle line which is 50% level of price and John Tukey outliers formula range high as upper band and range low as lower band.

The indicator has a popup, sound and email alert feature which get triggered after price crossed the upper or lower bands of the indicator.


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Release Date: August 24, 2020

Changed: Update notification library

Changed: Alert library


Release Date: April 28, 2020

Added: Now you can enable/disable update notification message


Release Date: March 30, 2020

Changed: Updated to new cTrader API

Changed: Updated alert library

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