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.
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.
Coming Soon: www.ChrisMoodyTrading.com
//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)