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Views:: 3544
Rating:: (11)
Published:: 2018.08.23 13:41

Projection_Oscillator.mq5 (10.1 KB) view

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Projection_Oscillator is based on Projection_Bands. Unlike the original indicator, it displays the line in a separate window with overbought/oversold levels.

The indicator has three input parameters:

Period - calculation period;
Overbought - overbought level;
Oversold - oversold level.

Calculation:

PO = 100 * (Close-DnBand) / (UpBand-DnBand)
UpBand = Max(High, PrevHigh*SlopeHigh)
DnBand = Min(Low, PrevLow*SlopeLow)

where:

SlopeHigh - regression line slope of High prices in the Period range;
SlopeLow - regression line slope of Low prices in the Period range.

Fig. 1. Projection Oscillator

Fig. 2. Projection Oscillator + Projection Bands

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/21546

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Projection_Oscillator - indicator for MetaTrader 5