OPEN-SOURCE SCRIPT

3 projection Indicators - PBands, PO & PB

All these indicators are by Mel Widner.

Projection Bands [ProjectionBands_LB]:
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These project market data along the trend with the maxima and minima of the projections defining the band. The method provides a way to signal potential direction changes relative to the trend. Usage is like any other trading band.

Projection Oscillator [PO_LB]:
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This indicates the relative position of price with in the bands. It fluctuates between the values 0 to 100. You can configure the "basis" to make it oscillate around a specific value (for ex., basis=50 will make it oscillate between +50 and -50). EMA of PO (length configurable, default is 5) is plotted as a signal line. There is also an option to plot the difference (oscillator - signal), just like MACD histogram. When you see a divergence in this oscillator, remember that it just indicates a potential movement with in the band (for ex., a bullish divergence shown may cause the price to cross the median and move up to the top band).

Projection Bandwidth [PB_LB]:
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This shows the % width of the projection bands. A trend reversal is signaled by a high value. Low value may indicate the start of a new trend. This is also a trend strength indicator.

More info: drive.google.com/file/d/0Bx48Du_2aPFnRV94OERtc1haNVE/edit?usp=sharing

Borrowed the color theme for this chart from @liw0. Thanks :)

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