The Projection Oscillator was created by Mel Widner (Stocks and Commodities Jul 1995) and this is another hidden gem that is of course a great complementary indicator to my previous Projection Bands. I would recommend to use both on the same chart so you get the full array of information. This indicator tells you where the current price falls between the bands and the higher the oscillator is, the closer the price is to the upper band and vice versa. Now since the price never falls outside of the bands, the indicator is limited from 0 to 100. You will notice that with this indicator it gives even earlier signals than the Projection Bands so a very useful indicator indeed. I have included strong buy and sell signals in addition to normal ones so strong signals are darker in color and normal signals are lighter in color. Buy when the line turns green and sell when it turns red.
Let me know if there are any other indicators or scripts you would like to see me publish!
Very nice @cheatcountry, thanks. The projection bands is useful but visually not pleasing, particularly if we use other indis, but this one help because of it's on separate pane.
cheatcountry
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@MasBart, Yw and I'm curious how is it visually not pleasing?
MasBart
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@cheatcountry, if you mix it with other indi like moving averages etc, because the shape is somewhat not symmetrical, it's not easy on the eye (at least for me :-), maybe I'm not used to it yet :-))
cheatcountry
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@MasBart, Yeah I do have to admit that it is a very unique looking indicator and maybe that is why I have never seen it published open source before now
OrcChieftain
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@MasBart, Would be eliminating multiple colors help? I usually made similar scripts work for me by either minimizing the color confusion or by making it all just a background.
MasBart
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@greenmask9, perhaps, I usually did that for example on donchian, keltner, or bollinger band. I will try it on projection band, it still requires 2 colors, but probably can use subdued ones. Thanks