is relative to it's doubled lookback period of the to calculate relative .
Including a standard deviation to calculate the value itself is useless. It filters out 32% of the most volatile movements of the asset that you are observing.
Example of RHV:
Period of Value (POVV) : 10
Relative : POVV / POVV*2
of past 10 Bars is compared to the of the bast 20 bars to show real growth/decrease of relative to the time of the performing asset.
Comparing to the current bar includes much more noise, the relative can be perceived as a smoothed ind.
Added standard deviations adjusted to the relative value to predict probable future of the stock.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.