ChrisMoody

CM_OldSchool_Projected_high_Low

Heard this story from Larry Williams…the trader who holds the record for winning the U.S. Trading Championship by turning $10K in to 2 Million.

A trader named Owen Taylor developed this formula as a Floor Trader before to calculate the Projected High and Low of the next day.

The formula worked so well…Owen charged other Traders 1K to get it.

I was pretty impressed with the results…so I coded it for the Weekly, Monthly, Quarterly, and Yearly Projected High Low.

While Owen considered these levels to be major support and resistance , Larry has developed many strategies based on the Breakout of the Projected High Low.

Therefore I coded it so the Levels would plot Yellow, and change to Green if the Projected High was taken out, and Red if the Projected Low was taken out.

***I’ve noticed on many instruments, Stocks, Index’s, Forex etc., depending on the instrument it works great as Support/Resistance or Breakouts.
***On a Daily Chart put the Quarterly and Yearly levels on SPY             and EURUSD             and go back about 10 years. Levels are pretty accurate.
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//Created by ChrisMoody 7-21-2014
//Daily, Weekly, Monthly, Quarterly, Yearly Projected Highs and Lows 
//Obtained formula from Larry Williams, original formula from Owen Taylor
study(title="CM_OldSchool_Projected_High_Low", shorttitle="CM_OS_Proj_H_L", overlay=true) 
sd = input(true, title="Show Daily Projected High Low?")
sw = input(false, title="Show Weekly Projected High Low?")
sm = input(false, title="Show Monthly Projected High Low?")
sq = input(false, title="Show Quarterly Projected High Low?")
sy = input(false, title="Show Yearly Projected High Low?")

pf = (hlc3) *2
pl = pf - high
ph = pf - low
 
dtime_pf = security(tickerid, 'D', pf[1]) 
dtime_pl = security(tickerid, 'D', pl[1]) 
dtime_ph = security(tickerid, 'D', ph[1]) 
 
pcolor_pl = close < dtime_pl ? red : yellow
pcolor_ph = close > dtime_ph ? lime : yellow

//Daily Projected High Low
offs_daily = 0 
plot(sd and dtime_pl ? dtime_pl : na, title="Daily Projected Low",style=circles, color=pcolor_pl ,linewidth=3) 
plot(sd and dtime_ph ? dtime_ph : na, title="Daily Projected High",style=circles, color=pcolor_ph ,linewidth=3) 

//Weekly Projected High Low 
wtime_pf = security(tickerid, 'W', pf[1]) 
wtime_pl = security(tickerid, 'W', pl[1]) 
wtime_ph = security(tickerid, 'W', ph[1]) 

wcolor_pl = close < wtime_pl ? red : yellow
wcolor_ph = close > wtime_ph ? lime : yellow

plot(sw and wtime_pl ? wtime_pl : na, title="Weekly Projected Low",style=circles, color=wcolor_pl,linewidth=4) 
plot(sw and wtime_ph ? wtime_ph : na, title="Weekly Projected High",style=circles, color=wcolor_ph,linewidth=4) 

//Monthly Projected High Low 
mtime_pf = security(tickerid, 'M', pf[1]) 
mtime_pl = security(tickerid, 'M', pl[1]) 
mtime_ph = security(tickerid, 'M', ph[1]) 

mcolor_pl = close < mtime_pl ? red : yellow
mcolor_ph = close > mtime_ph ? lime : yellow

plot(sm and mtime_pl ? mtime_pl : na, title="Monthly Projected Low",style=cross, color=mcolor_pl,linewidth=3) 
plot(sm and mtime_ph ? mtime_ph : na, title="Monthly Projected High",style=cross, color=mcolor_ph,linewidth=3) 

//Quarterly Projected High Low 
qtime_pf = security(tickerid, '3M', pf[1]) 
qtime_pl = security(tickerid, '3M', pl[1])
qtime_ph = security(tickerid, '3M', ph[1])

qcolor_pl = close < qtime_pl ? red : yellow
qcolor_ph = close > qtime_ph ? lime : yellow

//Quarterly Projected High Low 
plot(sq and qtime_pl ? qtime_pl : na, title="Quarterly Projected Low",style=cross, color=qcolor_pl,linewidth=3) 
plot(sq and qtime_ph ? qtime_ph : na, title="Quarterly Projected High",style=cross, color=qcolor_ph,linewidth=3) 

//Yearly Projected High Low 
ytime_pf = security(tickerid, '12M', pf[1]) 
ytime_pl = security(tickerid, '12M', pl[1])
ytime_ph = security(tickerid, '12M', ph[1])

ycolor_pl = close < ytime_pl ? red : yellow
ycolor_ph = close > ytime_ph ? lime : yellow

//Yearly Pivots Plots
plot(sy and ytime_pl ? ytime_pl : na, title="Yearly Projected Low",style=cross, color=ycolor_pl,linewidth=3) 
plot(sy and ytime_ph ? ytime_ph : na, title="Yearly Projected High",style=cross, color=ycolor_ph,linewidth=3) 
Which year was it? And if it is so known, does it still work that great? I mean, as soon as something gets popular, it does not work that well anymore
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That's a Myth...I can think of one example throughout history when that scenario became true.

Floor Trader Pivots still work just as well today.
Indicators made famous for 10+ years by Trade Te Markets TTM Squeeze works just as well as it always has.
The patterns Jason Stapleton teaches were discovered WAY before this one...

Throw it on some charts...and check out the Weekly, Monthly, Quarterly, Yearly levels
+1 Reply
2use ChrisMoody
Already on it!
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MONEYMENOW PRO ChrisMoody
CM.. dude u r a genius in understanding the various works n ur coding efforts r highly appreciated.. But seriously, does anyone need any of these.. Pardon me but I lost money when I used indicators, may be its me.. but I made tons of cash just by using simple bars, fibo levels for price action n gann levels for time cycles and bollinger bands with ema20 n 1.618 dev.. but ur work is highly appreciated.... The most loved n respected work u have contributed which I use everyday is the "Price patterns that work"(forgot the exact description) that provide me with the facility to change the colors of the bars.. Thanks a lot..
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Yet still, no question to it - thanks a lot Chris!
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seriously? i gotta take a look at this. thanks for sharing.
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No Problem...
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isomorph ChrisMoody
chris, those projected levels are exactly the same as the traditional daily, weekly, monthly, yearly pivot points. quarterly are different. so not sure how really useful this is after all.
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I have to give you an A+ for that find....it does appear to be the same values as R1/S1 for Daily pivots. I'm very familiar with Pivots and the codes look different the way they are explained. Now I can see why Larry Williams used these as Breakout Levels vs. Support and Resistance at least for the markets he traded. Haven't had a chance to look at Quarterly levels but will later.

Just got the formula and coded it quickly....Nice Find....now I'll have to do a little historical research and see which came first...these levels or Pivot Points...Very good find...
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Very cool. Thanks Chris
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Anytime!!!!
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Thanks for the script.
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Sure Thing
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ChrisMoody PRO ChrisMoody
Weekly Levels on EURUSD

snapshot
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ChrisMoody PRO ChrisMoody
Monthly Levels

snapshot
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ChrisMoody PRO ChrisMoody
Quarterly Levels

snapshot
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Amazing -:) thank you.
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Thanks
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how do we use the script? i am new to this. can we use script on other stocks? any help would be appreciated. thank you
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ChrisMoody PRO learntotrade
It works on all instruments....Go to the top right of chart and press add to my scripts.

Then Go To Indicators and click on the added tab....click on the indicator and it will be on your chart....

Next to the indicator name at the top left of your chart...there is a gear icon...if you click on it and go to the inputs tab....you can change from Daily, to weekly...monthly...etc

Will try and get a updated video on indicators up today.
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learntotrade ChrisMoody
Awesome. I will give it a try. Thank you very much for your response and your help.
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learntotrade learntotrade
A video would help a lot. I got the script to load and it shows the dots, but, not sure how to "read" the dots. ;) Thanks again.
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ChrisMoody PRO learntotrade
will let you know when it gets uploaded
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Greenstream ChrisMoody
Hi Chris. Just wondering what platform you use to trade on. In other words, with some adjustments do your indicators work on NinjaTrader or Thinkorswim? Thanks.
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ChrisMoody PRO learntotrade
I just uploaded a new video. Go to http://videos.tradingview.com and the first video Titled "The Basics" Importing Custom Indicators is the one you want to watch.
+1 Reply
Greenstream ChrisMoody
Thanks for video, it's very informative. Makes me want to use TV even more.
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2use ChrisMoody
Wow - videos!? Thats a new!
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Chris, Thank You for putting out some very good indicators! You're the best!
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Greatly Appreciate it!!!!
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One question about its usage - i suppose you back tested it. But i noticed you give examples on Currency-forex related assets. Did you check/test it for other assets like stocks and etfs? I'll do it on my own, but just curious on your opinion if it works best for any specific security and for any specific timer range over the other (so far i assume the larger the period, the better?)
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Haven't backtested it...just created the formula and looked at all th timeframes and they worked pretty well. It works the same on all asset classes....
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thx for the script Chris keep up the awsome work....
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Will Do...Thanks
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NYORKA ChrisMoody
Thanks Chris on this Script. I have used your previous scripts and wanted to know breakup/down for next day. I will backtest this script. You always been very helpful on sharing.
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No problem....Thanks
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Good job. Thanks for sharing.
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ChrisMoody PRO DanialRosli
Thank You
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first , Thanks a lot for sharing this script ;
when I combined this script with yours (CM_Williams_Vix_Fix Finds Market Bottoms) ; I found it amazing specially when green bar appears and price hit the projected bottom.

would you please create another script to finds market top ?

Thanks again
+1 Reply
Great indicator Chris, having an issue with levels showing on daily charts though with daily checked. Can you think of anything I may be able to do to fix? thx
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Can you please explain what is the logic behind this indicator? How are the levels calculated?
+1 Reply
Thanks Chris!
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