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FutureWPR

Future WPR - or backward WPR - is a special modification of WPR: it uses standard formula, but applies it in reverse direction.

The indicator calculates WPR from right to left, that is from the future to the past. It 'knows' and uses the future price movements at any bar where the right-side history provides sufficient number of "forthcoming" bars, that is period bars or more. Conventional WPR is also shown for reference. Both WPR and backward WPR are normalized to the range [0..1] as a more convenient and natural scale.

Disclaimer! This is an analytical tool, it does not provide ready-made signals for trading. You may use it for price patterns analysis and prediction, which is done, for example, in another related indicator FutureVisionByWPR

Backward WPR can be calculated correctly at any bar where period or more bars are available in the future (that is at the right side of this bar). When the right-side history contains less than period bars, the indicator does still calculate WPR on such bar but uses only available number of next bars. For example, on the bar number 10 it's not possible to calculate complete backward WPR(14), so it will be calculated as WPR(11) (10 plus 1, including 0-th bar), on the bar number 9 - WPR(10), and so on up to 0-th bar with WPR(1). The region of the bars with indices less than period is highlighted by a yellow rectangle, indicating the incomplete method of calculation.

Backward WPR is shown as a thick orange line. Inside the yellow region, the indicator builds a straight line approximation of the incomplete ending of the backward WPR, and shows it as a red thick line. Conventional WPR is shown as a thin green line.


Parameters

  • period - period of the WPRs; default - 96;
  • offset - number of bar where future becomes past; default - 0; this parameter allows you to analyze ending part of the backward WPR with insufficient number of bars (less than period) on the history;
Maksym Mudrakov
10488
2016.08.31 17:30 
 

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Version 1.1 - 2014.08.08
Fixed temporary disappearing of the approximation line at coming of a new bar with equal high and low prices.