Chart Projection started as a simple small indicator that used zigzag to project 2 levels the price was probably going to reach .
The latest update brings additional features to it such as :
- Seven additional projection methods including the original one.
- Display of support and resistance zones.
- Display of highs/lows and their place within the overall trend.
- Lightweight Currency Strength index , with separate display window
- Trend monitoring and current asset move identification.
- Extra charting abilities with 6 chart types
- 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 ration to the encompassing trend
- Longscope Simple - Longer projection based on average longterm market response to highs/lows
- Longscope Flexible - Longer projection based on average longterm 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
- 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 to animate 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