Index Projections

Index Projections

This indicator allows us to analyse four popular index indicators that return values between zero and 100 and plot lines that show the average of historical price movements following the index indicator returning any particular value.

This indicator only works on PRTv11 onwards.

The four indicators that you can analyse are:

  • RSI
  • Stochastic
  • Williams%R
  • ADX

Select whichever indicator you want to analyse with the ‘RSIndex’, ‘Stoch’, ‘WilliamsR’ and ‘ADXIndex’ settings. RSI is the default if nothing is selected. If more than one is selected then they are prioritised from bottom to top in the above list.

Set ‘p’ to whatever period of indicator you want to analyse.

The returned values for each indicator are divided into 20 different buckets. (0 to 5) then (>5 and <=10) then (>10 and <=15) and so on. These buckets are then divided into two sets of buckets for if the value was rising or if it was falling. All of history is analysed and lines calculated that show where on average price went for each bucket of returned values.

Set ‘Length’ to how many bars long you want the projection lines to be. Be warned that high values can be very slow to calculate!

The different types of lines can be displayed or not displayed with the ‘Rising’, ‘Falling’ and ‘Both’ settings. In Auto mode (explained further down) the current candles line will always be displayed at minimum. Use the ‘AllValues’ setting combined with ‘Rising’, ‘Falling’ and ‘Both’ settings to display every possible line.

The lines are colour coded and at the end of the lines each one is labelled. The labelling is separated in to six columns for clarity. Green values are for lines where the chosen indicators returned value was rising and red are for when it was falling. The blue ones are for both combined so that is any returned value no matter whether it was rising or falling.

The right three columns of figures coloured similarly show the sample size or quantity of tests in each bucket. You can turn the display of this on or off with the ‘SampleSize’ setting.

The indicator can work in two modes’ in ‘Auto’ mode it can highlight or display only the lines that represent the current candle indicator’s current returned value. If ‘Auto’ is switched off then it will display or highlight just the lines that match your chosen ‘Value’ setting.

The highlighting of the current candles lines in auto mode or the ‘Value’ lines in non auto mode can be turned on or off with the ‘Points’ setting.

The ‘StartBack’ allows you to move the start of the projection lines back through past candles. The candle where the lines start will always be the one whose value is used when in auto mode.

As always I advise downloading and importing the indicator to get full functionality.

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Risk disclosure:

No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

ProRealTime ITF files and other attachments : How to import ITF files into ProRealTime platform?

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