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Is there an indicator that uses the modified formula for the population variance?

Am I correct in assuming that if one standard deviation represents 68.2% of the data points, that by simply using a standard deviation of 1.0263929 to represent 70% of the data points is not accurate because of the Gaussian, bell-shape?

All indicators that I know (including StdDev, Bollinger Bands and the VWAP) use the simple formula.

The rule that one standard deviation represents approximately 68.2% of all data points is only true for normal distributions. It can be entirely false for other distributions. Prices are not distributed normally. Price volume distributions can follow anything from lognormal to power laws. On many days the volume does not even follow a unimodal (single peek) distribution, but you will often observe double or even triple distribution days. Although the standard deviation cannot be used to describe a defined percentage of volume, it is used by many traders, because it is easy to calculate.

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