2) please add center line for projection bands . And custom alert sound +arrows on crossing of center and outer bands with two options
a) alert on tick when price touches bands
b) alert on bar close when price cross any bands.
Indicator Description :
Projection Bands were developed by Mel Widner, Ph.D and were introduced in an Technical Analysis of Stocks & Commodities magazine article in July, 1995.
Projection Bands are found by locating the highest high and lowest low in the n bar lookback period. The bands plot parallel to a regression line of the high/low and indicate potential areas of support and resistance.
As the name indicates, the indicator plots bands, not the channel lines as with the standard Regression Channel, Daily Regression Channel and the Raff Channel.
If prices reach the upper band, it may indicate an overextension that can be used to locate bearish reversal setups. Opposite, if prices reach the bottom band it may indicate bullish reversal opportunities.
Because the indicator locates the highest high and lowest low in the n bar lookback period, prices will never break above or below the Projection Bands.
Projection oscillator :
The Projection Oscillator is based on the Projection Bands indicator and plots the location of the close within the bands. An Oscillator value of 0 means that the close equals the lower band, a value of 50 equals the midband and 100 equals the top band. Whereas the Stochastic’s calculation uses the raw highest high and lowest low value, the Projection Oscillator adds the regression line component, making it more responsive.
The Projection Oscillator indicator can be used to reveal price divergences as well as identifying overbought/oversold scenarios. Furthermore, a moving average of the oscillator can be used to indicate buy/sell signals with a cross above/below the trigger line.
- (3.71 KiB) Downloaded 208 times
- (3.35 KiB) Downloaded 207 times