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Chart Projection

Chart Projection started as a simple small indicator that used zigzag to project 2 levels the price was probably going to reach.

With the update a new algorithm has been introduced which does not rely on the ZigZag, thus avoiding repaints and providing solid calculation data in order to get to the price forecast.


*Whenever "POI" is mentioned, it refers to a Chart High or Chart Low price level. Imagine a POI (Point of Interest) being the price at which 2 ZigZag Lines connect.

*Whenever "Optic(s)" is mentioned, it refers to the new equivalent of the ZigZag algorithm.

Chart Projection is now equipped with 3 Optics Algorithms, for Low, Mid and High range scanning of a pairs price action. Each Optic gathers historical data immediately relevant to a charts Highs and Lows (POI's), such as:

  • Price Action before the POI
  • Price Action after the POI
  • Time leading up to the POI
  • Time for consolidation after the POI
  • Trend classification before the POI
  • A POI's role within the overall trend

Data from each Optic is gathered continuously as price develops and produces optimized estimates for how price behaves when specific POI's emerge. When a POI is detected, a matching process takes place which tries to find the most similar set of optimized data that fits price behavior around that POI. For example, a Second Higher High is detected on the chart. It will be matched with all recent behavioral data for Second Higher Highs, and a forecast with 2 price moves will be produced.

The latest update brings additional features to it such as:

  1. Seven additional projection methods including the original one.
  2. Display of support and resistance zones.
  3. Display of Highs/Lows and their place within the overall trend.
  4. Lightweight Currency Strength index, with separate display window.
  5. Trend monitoring and current asset move identification.
  6. Extra charting abilities with 6 chart types
  7. Repainting issues were fixed

Projection Settings

  • Price Used For Calculations - Choose which price will be used to determine Highs and Lows
  • Capture Scale - The greater the value the wider the distance between Highs and Lows captured is going to be. Minimum value should be 1, the maximum around 6.
  • Move Legs Drawn Bars Limit - CP Draws Move legs. For not stressing the terminal enter the bar after which drawing is enabled.
  • Projection Method - Select which method is going to be used for the Chart Projection.
    • Simple - Averaging up moves and down moves.
    • Simple Specific - Averaging up and down moves that have the same place in the trend.
    • Flexible Specific - Averaging based on ratio to the encompassing trend.
    • Longscope Simple - Longer projection based on average long-term market response to Highs/Lows.
    • Longscope Flexible - Longer projection based on average long-term market response to Highs/Lows relevant to the encompassing trend.
    • Complex - All of the above combined.
    • S+R - Via calculation of Support/Resistance levels that will likely hold.
    • Original(C.P.1) - Exact calculation as the first version, with no repaints.
Original(C.P.1) Method Settings:
  • Moves to Use - Move legs required for calculating averages.
  • ZigZag Depth - ZigZag depth for C.P.1 Calculation only.
  • ZigZag Deviation - ZigZag Deviation for C.P.1 Calculation only.
  • ZigZag Backstep - ZigZag Backstep for C.P.1 Calculation only.
  • Animated projection ? - Enable animation of the Chart Projection.

Currency Strength Settings:

  • Currency Strength Period - Averaging Period for Currency Strength Indexes.
  • Currency Averaging Method - Averaging Method for Currency Strength Indexes.
  • Currency Strength Pairs Limit - Maximum number of pairs allowed for the Strength calculation (per currency).
  • Currency Strength All Pairs Bars (dont set below period) - Minimum Bars Required in all strength calculation pairs.
  • CS Plot Method - Select the output method of the Currency Strength Index.
    • Currencies - Both currencies.
    • Difference - Just their difference.
  • CS Calc Type - Select Currency Strength Index calculation approach.
    • Simple - Range of Pairs is calculated once on initialization.
    • Deep - Range of Pairs is calculated every time before the strength is summed up.

Overlay Chart Settings:

  • Show Overlay Chart? - Enable or Disable overlay chart.
  • Default Open Chart - Select which extra chart should be visible first when the overlay chart is active.
  • Renko Chart Initial Calculation - For the extra Renko chart, select the initial calculation method.
    • CurrentTF HiLo - Use current timeframe High and Low prices only.
    • CurrentTF Close - Use current timeframe Close prices only.
    • M1 HiLo - Use M1 timeframe High and Low prices only.
    • M1 Close - Use M1 timeframe Close prices only.
  • Renko Chart Live Calculation - For the extra Renko chart, select live feed for the chart.
    • CurrentTF HiLo - Use High/Low of the current timeframe. Updates when a new bar forms on the current TF.
    • CurrentTF Close - Use Close of the current timeframe. Updates when a new bar forms on the current TF.
    • M1 HiLo - Use High/Low of the M1 timeframe. Updates when a new bar forms on the M1 TF.
    • M1 Close - Use Close of the M1 timeframe. Updates when a new bar forms on the M1 TF.
    • Live Price - Use current Bid price. Updates on every Tick.
  • Renko Brick Size Method - Choose the Brick size calculation method for Renko.
    • UserSet - Will use the value provided in "User Set Brick Size in Points".
    • Auto - Will use the range resulting from the Capture Scale (start of inputs) multiplied by "Auto Brick Size Multiplier".
  • Grounded Renko - Setting this to "Yes" will allow the internal Renko mechanism to deter repainting Renko bars.

Other Settings:

  • Show Support + Resistance ? - Enable/Disable display of Support and Resistance Levels on the chart.
  • Projection Width - Set the line width for the main projection on chart display.
  • Projection Glow Width - Set the line width for the shade (glow) of the chart projection.
  • Move Legs Width - Set the line width for the asset movement display (the ZigZag equivalent lines).
  • Trend Steps Font Size - Set the font size for the "Highs" and "Lows" chart displays.
  • Font Size Multiple - Set a universal font size multiplier in case text appears too big or too small.
Aravind 2019.11.11 01:20 

Good one!

farzad raufinejad
farzad raufinejad 2019.10.24 11:11 

Der Benutzer hat keinen Kommentar hinterlassen

jayosworld 2019.10.17 16:30   

I'm doing well with the currency strength meter that opens in the secondary window.

MarlonLawson 2019.09.18 02:08 

great indicator perfect for training purposes

philippe germain
philippe germain 2019.08.19 17:54 

Great job!

Givenkekana 2019.05.22 08:39 

Der Benutzer hat keinen Kommentar hinterlassen

Victor Manuel Valderrama Zamora
Victor Manuel Valderrama Zamora 2019.03.11 05:48 

Very useful when combined with other indicators

Aleksandr Vlasenko
Aleksandr Vlasenko 2019.03.08 20:16 

Excellent system. It is very helpful in trading if you know how to use it.

SpeedBug 2019.03.03 04:35 

Exceptionally beautiful design. Functionality: not expected 100% accuracy, but it is indeed more accurate than many, many paid others. Do not rely on it for pip projection, but rather "very general" sentiment to where the price is aiming. Love it, been using it on/off for 6 months, can't live without it lately. A bit heavy on the CPU which is ok when running a single fairly clean chart, thus would love a scanner! Keep it updated **please** if MT4 ever gets majorly upgraded! And hey, can't believe it is free, a lot of work has gone into this product.

Jeremy Saylor
Jeremy Saylor 2019.02.21 04:03 

I have been using this for the past few days. It has made a huge impact on my performance! Anyone who rated below 5 stars probably strictly relied on this one indicator by itself. You still need to use other indicators as confirmation but when everything lines up, it is a beautiful thing. This has also taken a lot of the stress and emotion out of trading! The design is awesome. I would give it 10 stars if I could. One thing though, this is a fairly heavy indicator. So if you are running this along with many other indicators on a crappy computer, it will probably slow your machine down. So blame your crappy computer and not this product! ;)

Roshan Chacko
Roshan Chacko 2018.12.11 21:08 

very good product ... made good money ..from this

globetrotter777 2018.11.01 12:22 

amazing toolkit for serious trader

Hope Ntombela
Hope Ntombela 2018.10.25 12:32 

made money with this indicator , love it

sunnychow 2018.10.22 19:50 

So advanced !

Rafael Cadosch
Rafael Cadosch 2018.09.29 22:34 

A good software, incredible to see it working along other indicators.

Chris Mukengeshayi
Chris Mukengeshayi 2018.07.02 18:57 

Thank you for this free indicator

Matthew Todorovski
Matthew Todorovski 2018.06.30 13:34 

1 Star (20%) = Bad

2 Star (40%) = Undecided

3 Star (60%) = Acceptable

4 Star (80%) = Good

5 Star (100%) = Excellente!

Harry Gunadi Permana
Harry Gunadi Permana 2018.04.26 15:09 

Great indicator with beautiful visual! And it's free. Thank you for sharing

Tim Eubanks
Tim Eubanks 2018.03.13 06:41 

Highly sophisticated indicator, never see anything like this for free!

Lev Vladimirovic Marushkin
Lev Vladimirovic Marushkin 2018.02.06 22:00 

This one for free? Can´t believe it! Thank you!!

Update: One of the best tools in the market. I would sell this for something like 499 $ or so. Still can´t believe it´s free. This one is all you need for your analysis.

Ali irwan
Ali irwan 2017.08.03 07:26 

Der Benutzer hat keinen Kommentar hinterlassen

Gennadiy Voltornist
Gennadiy Voltornist 2017.04.27 16:21 

не очень

Roman Skovorodka
Roman Skovorodka 2017.04.05 19:36 

Der Benutzer hat keinen Kommentar hinterlassen

Maksym Mudrakov
Maksym Mudrakov 2016.08.30 12:09 

Der Benutzer hat keinen Kommentar hinterlassen

Version 2.0 2018.02.06
Upgraded Chart Projection with additional methods
Fixed Repainting issue
Added Currency Strength Index
Added Support + Resistance Display
Added Extra charting functionality