Candle Size Projection Price

Candle Size Projection Price V1.00 is a dynamic quantitative tool designed for MetaTrader 5 that calculates and projects potential candle movements based on historical average candle metrics (bodies and wicks). By analyzing price action over a customizable sample period, this indicator plots precise projection levels directly onto your chart, giving you a statistical edge in forecasting daily or intraday price ranges.

Key Features

• Multi-Layer Range Projections: Automatically calculates and plots multiple crucial market levels:

  • High & Low Rejection Levels: Identifies statistical rejection areas based on historical upper and lower wicks.

  • Bullish & Bearish Body Projections: Visualizes standard target ranges for price expansion.

  • Strong Expansion Multipliers: Customizable multiplier (e.g., 2.0x) for identifying high-volatility momentum targets.

  • Open Candle Reference Line: Clear visual baseline anchor.

• Flexible Future Bar Projection: Dynamic control over how far into the future projection lines extend ( InpProjectionBars ).

  • Set to 0 : Plots projection lines starting directly at Candle 0 (static open anchor).

  • Set to 1 or higher: Dynamically updates projection targets based on live Bid prices and extends trendlines into future bar space for a clean chart setup.

• Smart On-Chart Visuals: Clean, modern aesthetic featuring horizontal ray lines, live updating price labels, and structured title headers for fast price reading.

• Historical Sampling: Adjust the statistical lookback period (e.g., last 90 candles) to align with current market volatility and cycles.

• Non-Repainting Historical Buffers: Historical chart buffer lines remain fixed for reliable backtesting and visual verification.

Indicator Inputs

• InpDays (Default: 90) — Number of past bars used to calculate average body and rejection sizes.

• InpStrongMultiplier (Default: 2.0) — Multiplier for calculating strong momentum/expansion projection lines.

• InpProjectionBars (Default: 1) — Number of bars into the future to extend lines and labels ( 0 = current bar only).

• InpShowRayAndLabels (Default: true) — Toggle horizontal ray lines and price labels on/off.

• InpTextColor — Customize price label text color.

• InpTitleColor — Customize main title header text color.

• InpOpenColor — Customize Open Candle reference line color.

How to Use

1. Breakout & Target Setting: Use the Bull/Bear Projection levels as high-probability Take Profit (TP) zones for breakout strategies.

2. Reversal & Rejection Trading: Watch for price reactions around the High/Low Rejection lines to catch market exhaustion points.

3. Volatility Spikes: Use the Strong Projection (2.0x) levels to gauge extreme market moves during high-impact news events.

Specifications

• Terminal: MetaTrader 5 (MT5)

• Category: Indicator / Volatility & Range Analysis

• Timeframes: All Timeframes (Recommended: M15, H1, H4, D1)

• Pairs: All Forex Pairs, Gold (XAUUSD), Indices, & Crypto