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) 
Thanks Chris!
Reply
Can you please explain what is the logic behind this indicator? How are the levels calculated?
+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
Reply
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
+2 Reply
Good job. Thanks for sharing.
Reply
ChrisMoody PRO DanialRosli
Thank You
Reply
thx for the script Chris keep up the awsome work....
Reply
Will Do...Thanks
Reply
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.
Reply
No problem....Thanks
Reply
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