Projection Band UL

The Projection Band UL was authored by Mel Widner in the Stocks and Commodities Mag. 07/1995. It uses the linear regression slope (m) in the line equasion (y=a+mx). It displays 2 paths, one based on the high price(UB), the other on the low price(LB). The user may modify the period (14). This indicator’s definition is further expressed in the condensed code given in the calculation below.

Projection Band1

How To Trade using Projection Band UL

Adjust the bands to control the quantity and quality of the trading signals. If a high goes above the ub a sell signal is generated. Conversely, if a low goes below the lb a buy signal is given.

Projection Band2

How To Access in MotiveWave

Go to the top menu, choose Study>Mel Widner>Projection Band UL

or go to the top menu, choose Add Study, start typing in this study name until you see it appear in the list, click on the study name, click OK.

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//period = user defined, default is 14
//prev = previous
//index = current bar number
//m = slope in line equation, y = a + mx
//LOE = less or equal, MOE = more or equal

pu = 0, pl = MAX_VALUE;
mHigh = linRegLine(index, period, high, 0)[1];
mLow = linRegLine(index, period, low, 0)[1];
count = 0;
for (int i = (index-period+1); i LOE index; i++)  //move back 1 period
    prevHigh = high[i-1];
    prevLow = low[i-1];
    vHigh = prevHigh + (mHigh * (count));
    vLow = prevLow + (mLow * (count));
    if (vHigh moreThan pu) pu = vHigh;
    if (vLow lessThan pl) pl = vLow;
Plot1: pl;
Plot2: pu;
sell = high moreThan pu;
buy = low lessThan pl;