projection_oscillator
Function Name: projection_oscillator
Tags: Bands, Oscillator
Category: Momentum
The Projection Oscillator is based on the Projection Bands indicator. The Oscillator calculates where the close lies within the band as a percentage. Therefore, an Oscillator value of 50 would mean that the close is in the middle of the band. A value of 100 would mean that the close is equal to the top band, and zero means that it is equal to the low band. The calculation is similar to a Stochastic which uses the raw highest high and lowest low value, whereas the Projection Oscillator adds the regression line component, making it more sensitive.
The Projection Oscillator can be interpreted several ways. Look for divergence with price to indicate a trend reversal. Extreme values (over 80 or under 20) indicate overbought/oversold levels. A moving average of the oscillator can be used as a trigger line. A buy/sell signal is generated when the Projection Oscillator to cross above/below the trigger line. The signal is stronger if it happens above 70 or below 30.
Parameters:
Period: Number of bars used in calculation.
SmoothingPeriod: Period for EMA smoothing (the trigger line).
Overbought, Oversold: Overbought and oversold levels.
ShowEMASmooth, ShowTraderMarks: Display control flags.
ShowOnlyStrongTradeMarks: If true, then buy and sell signals will be displayed only if they occur in the oversold and overbought zone respectively.
Period |
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Default Value: 14 | Minimum: 2 | Maximum: 999 |
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Type: Numeric |
SmoothingPeriod |
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Default Value: 3 | Minimum: 2 | Maximum: 999 |
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Type: Numeric |
Overbought |
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Default Value: 80 | Minimum: 0 | Maximum: 100 |
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Type: Numeric |
Oversold |
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Default Value: 20 | Minimum: 0 | Maximum: 100 |
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Type: Numeric |
ShowEMASmooth |
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Default Value: 0 |
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Type: Boolean |
ShowTraderMarks |
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Default Value: 0 |
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Type: Boolean |
ShowOnlyStrongTradeMarks |
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Default Value: -1 |
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Type: Boolean |