Chart Projection

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Chart Projection started as a small indicator that uses a Zigzag to project 2 levels that the price is likely to reach.

The update introduced a new algorithm that is not based on a Zigzag, which prevents redrawing and provides reliable calculation data to obtain a forecast of price movement.

*”POI” means the maximum price level (High) the maximum price level (Low) on the chart. Imagine that POI (Point of Interest, “point of interest”) is the price at which 2 Zigzag lines connect.

*”Optic(s)” refers to the new equivalent of the Zigzag algorithm.

Chart Projection is now equipped with 3 Optics algorithms to scan the price action of pairs in the low, medium and high ranges. Each Optic collects historical data directly related to graphs of High and Low values (POI), for example:

• Price action before POI
• Price action after POI
• Time to POI
• Consolidation time after POI
• Trend classification before POI
• The role of POI in the overall trend

Data for each Optic is collected continuously as the price evolves and provides optimized estimates of how the price behaves when certain POIs appear. When a POI is detected, a matching process is started that tries to find the most similar set of optimized data corresponding to the price behavior near this POI. For example, a second higher High was detected on the chart. It will be compared with the latest data on the second higher High, after which a forecast with 2 price movements will be given.

In the latest update, additional features have been added, such as:

• Price Used For Calculations – the price at which the High and Low levels will be determined
• Capture Scale – capture scale. The higher the value, the greater the distance between the High and Low levels. The minimum value is 1, the maximum is about 6.
• Move Legs Drawn Bars Limit – CP draws the knees of the movement. In order to reduce the load on the terminal, specify here the bar after which the indicator is allowed to be drawn.
• Projection Method – the method used in Chart Projection.
• Simple – averaging up and down movements.
• Simple Specific – averaging of up and down movements that have the same place in the trend.
• Flexible Specific – averaging based on the ratio to the general trend.
• Longscope Simple is a longer projection based on the average long-term market response to High/Low levels.
• Longscope Flexible is a longer projection based on the average long-term market response to High/Low levels relative to the overall trend.
• Complex – all of the above.
• S R – by calculating significant support/resistance levels.
• Original(CP 1) – exact calculation similar to the first version, without redrawing.
• Simple – averaging up and down movements.
• Simple Specific – averaging of up and down movements that have the same place in the trend.
• Flexible Specific – averaging based on the ratio to the general trend.
• Longscope Simple is a longer projection based on the average long-term market response to High/Low levels.
• Longscope Flexible is a longer projection based on the average long-term market response to High/Low levels relative to the overall trend.
• Complex – all of the above.
• S R – by calculating significant support/resistance levels.
• Original(CP 1) – exact calculation similar to the first version, without redrawing.

Other settings:

• Show Support Resistance ? – enable/disable the display of support/resistance levels on the chart.
• Projection Width – the thickness of the line to display the main projection on the graph.
• Projection Glow Width – the thickness of the line for the shadow (highlighting) of the projection on the graph.
• Move Legs Width – the thickness of the line to display the movement of the asset (lines equivalent to a Zigzag).
• Trend Steps Font Size – font size for displaying the “High” and “Low” levels of the chart.
• Font Size Multiple – the total font size multiplier if the text is too large or too small.

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