All these indicators are by Mel Widner.
Projection Bands :
-------------------------------------------------------
These project market data along the trend with the maxima and minima of the projections defining the band. The method provides a way to signal potential direction changes relative to the trend. Usage is like any other trading band.
Projection Oscillator :
-------------------------------------------------------
This indicates the relative position of price with in the bands. It fluctuates between the values 0 to 100. You can configure the "basis" to make it oscillate around a specific value (for ex., basis=50 will make it oscillate between +50 and -50). EMA of PO (length configurable, default is 5) is plotted as a signal line. There is also an option to plot the difference (oscillator - signal), just like MACD histogram. When you see a divergence in this oscillator, remember that it just indicates a potential movement with in the band (for ex., a bullish divergence shown may cause the price to cross the median and move up to the top band).
Projection Bandwidth :
-------------------------------------------------------
This shows the % width of the projection bands. A trend reversal is signaled by a high value. Low value may indicate the start of a new trend. This is also a trend strength indicator.
More info: drive.google.co...ERtc1haNVE/edit?usp=sharin...
Borrowed the color theme for this chart from @liw0. Thanks :)
Projection Bands :
-------------------------------------------------------
These project market data along the trend with the maxima and minima of the projections defining the band. The method provides a way to signal potential direction changes relative to the trend. Usage is like any other trading band.
Projection Oscillator :
-------------------------------------------------------
This indicates the relative position of price with in the bands. It fluctuates between the values 0 to 100. You can configure the "basis" to make it oscillate around a specific value (for ex., basis=50 will make it oscillate between +50 and -50). EMA of PO (length configurable, default is 5) is plotted as a signal line. There is also an option to plot the difference (oscillator - signal), just like MACD histogram. When you see a divergence in this oscillator, remember that it just indicates a potential movement with in the band (for ex., a bullish divergence shown may cause the price to cross the median and move up to the top band).
Projection Bandwidth :
-------------------------------------------------------
This shows the % width of the projection bands. A trend reversal is signaled by a high value. Low value may indicate the start of a new trend. This is also a trend strength indicator.
More info: drive.google.co...ERtc1haNVE/edit?usp=sharin...
Borrowed the color theme for this chart from @liw0. Thanks :)
List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970
List of my indicators at Appstore: blog.tradingview.com/?p=970
//
// @author LazyBear
//
// If you use this code in its original/modified form, do drop me a note.
//
study("Projection Bands [LazyBear]", shorttitle="ProjectionBands_LB", overlay=true)
//length=input(14, title="Length")
length=14 // See below why this is a not an input()
sum_c=sum(cum(1),length)
psum_c=pow(sum_c,2)
sump_c=sum(pow(cum(1),2),length)
lsump_c=(length*sump_c)
denom=(lsump_c-psum_c)
rlh=((length*(sum(cum(1)*high,length)))-(sum_c*(sum(high,length))))/denom
rll=((length*(sum(cum(1)*low,length)))-(sum_c*(sum(low,length))))/denom
// Currently there is no way to do a loop. So, "length" is hardcoded to 14.
// Bands
upb=max(high,
max(high[1]+1*rlh,
max(high[2]+2*rlh,
max(high[3]+3*rlh,
max(high[4]+4*rlh,
max(high[5]+5*rlh,
max(high[6]+6*rlh,
max(high[7]+7*rlh,
max(high[8]+8*rlh,
max(high[9]+9*rlh,
max(high[10]+10*rlh,
max(high[11]+11*rlh,
max(high[12]+12*rlh,
high[13]+13*rlh)))))))))))))
//LowerProjectionBand
lpb=min(low,
min(low[1]+1*rll,
min(low[2]+2*rll,
min(low[3]+3*rll,
min(low[4]+4*rll,
min(low[5]+5*rll,
min(low[6]+6*rll,
min(low[7]+7*rll,
min(low[8]+8*rll,
min(low[9]+9*rll,
min(low[10]+10*rll,
min(low[11]+11*rll,
min(low[12]+12*rll,
low[13]+13*rll)))))))))))))
ul=plot(upb, linewidth=2, color=teal)
ll=plot(lpb, linewidth=2, color=teal)
plot(avg(upb,lpb), linewidth=1, color=maroon)
fill(ul,ll,color=teal)