How Ipsative Standardization actually works for time series? In this link: http://optimalprediction.com/files/pdf/V2A17.pdf
Ipsative Standardization is explained intuitively and also the why it is useful.

Is there any python code or math formulas online someone could use to calculate the z1 score?
The pdf describes the following way:

Let us call the variable as var
where 

m = mean(var)

sd  = sd(var)

x = (var-m)/sd


This will create a list of values which are Ipsative standardized, which is called Zi score