Projection_Bands - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
This indicator was originally proposed by Mel Widner (Technical Analysis of Stocks and Commodities magazine, July 1995). Together with similar indicators such as price channels, envelopes or Bollinger Bands, it allows you to define the boundaries of the price range.
The indicator has a customizable parameter:
UpBand = maximum(high, previous high*slope high) DnBand = minimum value (low value, previous low value * slope low value)
Where:
explain:
To organize signals, use a detrending oscillator to exclude trend components, as overbought/oversold levels can be constantly updated with new prices during strong trends, leading to false signals and losses.
Attachment download
📎 projection_bands.mq5 (9.62 KB)
Source: MQL5 #21544
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