A powerful trend-direction and trend-strength tool, highly configurable and with an average line and power markers.
In mathematical terms, the Z Score is the relationship of a piece of data to the "mean" value within a group of data items. On a chart, this can be thought of the position of the price of a bar compared to the recent n bars' mean value. This provides an easy-to-eyeball trend up/down indicator. If the indicator (default color red) is above zero, price is trending up, whereas if it is below zero then price is trending down.
Also on the indicator are four horizontal levels at +1, -1, +2, -2, to show the power of the trend. A value beyond 2 is a strong trend, but of course with trading that can often mean a trend is exhausting itself and will reverse soon.
TC_ZScore also has a line which is a smoothing of the primary line, and small retracements to that smoothed line, or crossings of it, can provide local short-term signals.
For gentle always-in trading, a crossing of zero by the smoothed line (shown by the manually-drawn blue vertical lines in this screenshot) can provide useful signals, as in the above daily chart of Walmart.
TC_ZScore can provide some useful divergence signals, such as in the above daily chart of EURUSD. The manually-drawn green lines show a bottom in price with a divergence in the Z Score, leading to a nice Long buy signal.
This indicator is free to download and use, and is available for NinjaTrader 7 and 8.