| High-Low Projections
The High-Low projections is plotted as a channel around the chart. It is used to generate support and resistance levels, with the understanding that if the price breaks through either of these levels then the market has entered a new trend.
The Formula is:
- Res = ((hi+lo+cl)/3)*2
- Projected high for next day = res minus lo
- Projected low for next day = res minus hi
The study is plotted as channel, on top of the next days ohlc bars.
The calculation uses the True High and True low.
The true high is the greater of todays high price and yesterdays closing price. The true low is the lesser of todays low price and yesterdays closing price.
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