Interquartile Range Bands script.
This indicator was originally developed by Alex Orekhov at his home.
The idea based on the interquartile range en.wikipedia.org
If price breaks out from the bands then it is `outlier` price.
After breakouts price always returns to its median.
Watch squeeze/expansion periods.
Anyway use it as a supplement to the other...
Statistical methods based on mean cannot be effective all the time when attributed to financial data since it doesn't usually follow normal distribution, the data can be skewed or/and have extreme values which can be described as outliers.
In order to deal with this problem it is appropriate to use median-based techniques.
The most common one is called...
I compared custom median (using the sorting solution by @apozdnyakov) with built-in median (using percentile_nearest_rank function)
If you see the zero line this means the solutions give the same results.
The best results was achieved on the odd lengths.
Conclusions:
1) Do not try to reinvent the wheel.
2) Always check the Pine Script docs to find already...
Recursive Median Filter indicator script.
This indicator was originally developed by John F. Ehlers (Stocks & Commodities V. 36:03 (8–11): Recursive Median Filters).
![USDJPY: [RESEARCH] Custom Median vs Built-in Median](https://s3.tradingview.com/y/yjQx0BVg_mid.png "[RESEARCH] Custom Median vs Built-in Median")
