> For the complete documentation index, see [llms.txt](https://docs.candelacharts.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.candelacharts.com/investing/momentum-and-oscillators/z-deviation-waves/overview.md).
# Overview
Think of this indicator as a **statistical speedometer**. It computes a rolling mean and standard deviation over a window you choose (the **Period**), then expresses current price as a **Z-score**: negative values are below average, positive values above.
The wave is color-graded—cooler near zero, hotter at extremes—so intensity is obvious at a glance.
You choose how to **label the guide lines**:
* **Z-score (σ):** show the classic −3σ…+3σ levels for pure, textbook context.
* **Price @ σ:** convert those σ levels into **live prices**—great for alerts and orders.
* **Price @ Z:** map Z onto a fixed numeric grid for clean, **presentation-ready** spacing across tickers.
Two small helpers round it out:
* **Trend columns:** a subtle backdrop that flips with the *direction of Z* (are we stretching further, or easing back?).
* **Downside table (optional):** prints the current −1σ/−2σ/−3σ prices in the corner so you can set alerts quickly.
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