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.
Can you please explain what is the logic behind this indicator? How are the levels calculated?
msmalmuzaini
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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
UnknownUnicorn3507558
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That is just the traditional pivot point calculation already available in builtin tab
WilliamJYancey
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Looks amazing Chris. this is like the stuff I was asking your; it matches with the fibs I have in my chart.
elp
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Chris, Thank You for putting out some very good indicators! You're the best!
ChrisMoody
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Greatly Appreciate it!!!!
learntotrade
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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
ChrisMoody
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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.
learntotrade
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Awesome. I will give it a try. Thank you very much for your response and your help.
learntotrade
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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.