Indicators: Daily Range Projections

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Daily Range Projections:

The indicator forecasts high and low price values of a financial asset considering yesterday's (completed) and today's day candlesticks parameters.

Author: Nikolay Kositsin

Daily Range Projections

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In general, this methodology was developed and described by Thomas Demark in his book Technical Analysis - A New Science.

There are three possible relationships between them:

если Сlose[0] < Open [0], то Х = (High[1] + Low[1] + Close[1] + Low[1] ) / 2;
если Сlose[0] > Open [0], то Х = (High[1] + Low[1] + Close[1] + High[1]) / 2;
если Сlose[0] = Open [0], то Х = (High[1] + Low[1] + Close[1] + Close[1]) / 2.

Where:

  • Open[0], High[0], Low[0], Close[0] - prices of the current day;
  • Open[1], High[1], Low[1], Close[1] - prices of yesterday.

Predicted minimum price for tomorrow: Min = X - High[1].
Predicted maximum price for tomorrow: Max = Low[1] - X.

And your calculation is not correct, if you compare it with Demark's description. He takes the data of the last candle, how can you determine the maximum and minimum of the current candle based on the same data? This method is more suitable only for the daily range, and then there are large errors.

 
Hi, I have started using this indicator now, seems very reliable for price movement ideas. Thanks for sharing.
 
@Mr. Kositsin, you are an ALL-STAR programmer. This indicator is so good, I wish I had found it years ago. I also downloaded your sma indicator, substituted a logarithmic ma forumula therein, and now have a rare indicator good to go. Thank you for your work, and for your well commented source code for others to work with.
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