|
|
|
|
The Daily Range Projections study forecasts the projected range for the ensuing bar. The user has a choice of displaying all range projections historically or only the current and next bars.
For further information on Range Projection, please refer to Thomas R. DeMark, The New Science of Technical Analysis, New York: John Wiley & Sons, 1994, Chapter 9, Daily Range Projections.
Parameters
This study draws projected high and low values for the next bar of a series. A short horizontal line is drawn at the projected high and low for a bar position. Since Aspen normally aligns charts with the current bar at the far right, the default chart position will need to shift left a bar or so when this study is active.
The only visible user option is whether to compute and draw projected value for all bars visible in the chart window, or only for the current and next bars.
The projections for a bar are based on only the immediately preceding non-gap bar. The
procedure is as follows:
x = (High + Low + Close + Low)/2
Then compute:
Projected high = X-Low
Projected low = X-High
The study command for Daily Range Projections is .TDRP.