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Miscellaneous > Proj Bandwidth

Article/Author: “Signaling Change with Projection Bands”, Mel Widner, S&C Magazine, Traders Tips, 07/1995

Download: project.ela

File Includes:

Indicator - Proj Bandwith
Indicator - Projection Oscillato
Indicator - Upper/Lower Pro Band

Category: Indicator > Miscellaneous

Description:

Projection bands, a new method using trading bands, projects market data forward along the data trend with the maxima and minima of the projections defining the band. The method provides another means of signaling potential changes for market direction relative to the trend.

This is an useful oscillator, the third component of the new method, the projection bandwidth indicator which is computed as the width compared with the average of the bands expressed as a percentage:

PB = 200 x (PU - PL)/(PU + PL)


Usage:

Low indicator values indicate that the upper and lower projection bands are narrowing, while high values indicate that the bands are widening.




Inputs:

Length - number of bars to calculate

EasyLanguage Code:
INPUTS: LENGTH(14);

VARS: SL(0), SH(0), PL(0), PU(0), PB(0);

SL=LINEARREGSLOPE(LOW,LENGTH);
SH=LINEARREGSLOPE(HIGH,LENGTH);

FOR VALUE1=1 TO LENGTH BEGIN
VALUE2=LOW[VALUE1-1]+(SL*VALUE1-1);
VALUE3=HIGH[VALUE1-1]+(SH*VALUE1-1);
IF VALUE1=1 THEN BEGIN
PL=VALUE2;
PU=VALUE3;
END;
IF VALUE2THEN PL=VALUE2;
IF VALUE3>PU THEN PU=VALUE3;
END;

PB=200*(PU-PL)/(PU+PL);
PLOT1(PB,"PB");


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