From 43d6b3600b1d4b00bda74b42179fa2e549ab1393 Mon Sep 17 00:00:00 2001
From: Toh4iem9 <Toh4iem9@forge.mql5.io>
Date: Sat, 30 Aug 2025 13:50:14 +0200
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+# Standard Deviation Channel
+
+## 1. Summary (Introduction)
+
+The Standard Deviation Channel is a technical analysis tool very similar to the Linear Regression Channel. It consists of three parallel lines plotted on a price chart, with a linear regression trendline at its center.
+
+The key difference is how the channel width is determined. Instead of using the maximum price deviation, this indicator uses the **standard deviation** of the price from the trendline. This provides a more statistically robust measure of the channel's boundaries.
+
+- The **Middle Line** is a linear regression trendline.
+- The **Upper and Lower Channel Lines** are plotted a user-defined number of standard deviations above and below the middle line.
+
+## 2. Mathematical Foundations and Calculation Logic
+
+The indicator's core is the linear regression trendline, with the channel width determined by the standard deviation.
+
+### Calculation Steps (Algorithm)
+
+For the last `N` bars at any given point in time:
+
+1. **Calculate the Linear Regression Line:** Using the method of least squares, find the straight line that best fits the `N` closing prices.
+2. **Calculate the Standard Deviation (σ):** Compute the standard deviation of the `N` closing prices from the calculated regression line.
+3. **Calculate the Upper and Lower Channel Lines:** Add and subtract a user-defined multiple of the standard deviation from the regression line.
+   $\text{Upper Channel}_t = \text{Regression Line}_t + (\text{Multiplier} \times \sigma)$
+   $\text{Lower Channel}_t = \text{Regression Line}_t - (\text{Multiplier} \times \sigma)$
+
+**Important Note on "Repainting":** This indicator is also "repainting" by nature, for the same reasons as the Linear Regression Channel.
+
+## 3. MQL5 Implementation Details
+
+Our MQL5 implementation is designed to be highly efficient and visually clean by leveraging MetaTrader 5's built-in **`OBJ_STDDEVCHANNEL`** graphical object.
+
+- **Object-Based Plotting:** The indicator uses a single, built-in `OBJ_STDDEVCHANNEL` object. This object is managed by the MetaTrader terminal, which handles the complex regression and standard deviation calculations internally.
+- **Clean, Non-Continuous Display:** By default, the indicator only displays the single, most current channel calculated on the last `N` bars.
+- **Efficient "On New Bar" Updates:** The indicator is extremely light on terminal resources. The channel object is only updated **once per bar** when a new candle forms.
+- **Automatic Cleanup (RAII):** The graphical object is given a unique name and is always deleted from the chart when the indicator is removed.
+- **Fixed Price Source:** The underlying `OBJ_STDDEVCHANNEL` object always performs its calculation on `PRICE_CLOSE`. This cannot be changed.
+
+## 4. Parameters
+
+- **Regression Period (`InpRegressionPeriod`):** The number of bars to include in the regression calculation. Default is `100`.
+- **Deviations (`InpDeviations`):** The multiplier for the standard deviation, which determines the width of the channel. Default is `2.0`.
+- **Channel Color (`InpChannelColor`):** Allows the user to customize the color of the channel lines. Default is `clrRed`.
+- **Channel Extensions:**
+  - **`InpRayRight`**: If `true`, the channel is extended indefinitely into the future. Default is `false`.
+  - **`InpRayLeft`**: If `true`, the channel is extended indefinitely into the past. Default is `false`.
+
+## 5. Usage and Interpretation
+
+The usage is identical to the Linear Regression Channel, but the channel width is generally considered more statistically significant.
+
+- **Trend Identification:** The slope of the middle line indicates the direction of the trend.
+- **Dynamic Support and Resistance:** The channel lines act as dynamic support and resistance levels.
+- **Overbought/Oversold:** A move to the upper channel line can be considered overbought relative to the current trend, while a move to the lower line can be considered oversold.
+- **Caution:** Due to its repainting nature, the indicator is best used for confirming the current market structure.