OHLC Projections

OHLC Projections is an advanced analytical tool designed to forecast potential price ranges for the current session (Daily or Weekly) based on historical data. The indicator utilizes a statistical analysis of price behavior relative to the Open, calculating average values for "Manipulation" (movement against the closing direction) and "Distribution" (the main expansion in the closing direction).

Unlike standard moving averages, this tool creates a "roadmap" for the developing candle, helping traders identify potential session highs and lows before they form.

How It Works
The algorithm analyzes a user-defined lookback period (e.g., 60 candles) and calculates:

Manipulation (M): The average length of the wick formed opposite to the candle's closing direction (e.g., the bottom wick of a bullish candle).

Distribution (D): The average distance from the Open to the extreme point in the direction of the close.

Based on these metrics, the following levels are projected:

Open Line: The opening price of the period (Always Solid).

Manipulation Levels (+M / -M): The statistical range where price often "traps" traders before the true move begins. These are often ideal reversal points (Smart Money Reversal).

Distribution Levels (+D / -D): The statistical target (Take Profit) that price tends to reach after the manipulation phase is complete.

Key Features
Anchored Levels (Non-Repainting): Levels are calculated once at the start of a new session (e.g., at Midnight) and remain fixed throughout the day. They do not "float" or repaint with current price action.

History Management: A unique "Limit history to current day" feature keeps your chart clean. When enabled, the indicator automatically removes lines from previous days, leaving only the projections relevant to the current active session.

NY Midnight Support: Option to anchor daily calculations specifically to the New York Midnight Open (essential for ICT/SMC traders).

Dual Timeframe: Ability to display projections for two timeframes simultaneously (e.g., Daily and Weekly) on lower timeframe charts.

"Areas" Mode: Option to display zones (Boxes) instead of lines, based on two different lookback periods (short and long), allowing for the visualization of statistical confluence.

Premium/Discount Zones: Optional shading of zones above and below the opening price to easily identify expensive (Premium) and cheap (Discount) price areas.

Configuration & Visuals
The indicator is fully customizable:

Lookback Period: Adjust the number of historical candles used for the average calculation.

Visual Style: Full control over line colors and styles. The Open Line is always forced to Solid for easy distinction, while other levels can be set to dotted or dashed.

Statistics Table: An optional dashboard displaying the specific price values for all calculated levels.

Strategy Application
This tool is highly effective for Smart Money Concepts (SMC) and Inner Circle Trader (ICT) strategies.

Look for Short opportunities when price extends above the Open and hits the -M or +D levels.

Look for Long opportunities when price drops below the Open and tests the +M or -D levels.

Alerts
Built-in alerts allow you to be notified immediately when price crosses key Manipulation or Distribution levels, ensuring you never miss a reaction point.