Daily Price Projection Levels from Recent Opening Price Changes
Summary
This indicator estimates a set of intraday price levels from the absolute percentage changes between recent daily opens. Users can choose an average based on five, ten, or twenty daily changes and scale it with a target multiple. The resulting estimate is divided across five projected increments above and below the current daily open; a threshold offsets the levels, and a calculated stop distance is also shown. Prices are rounded to the instrument’s tick size. The script includes options for custom long and short entry prices and for extending projections beyond the initial target levels.
The evidence is the calculation and plotted framework itself; the document provides no market study, backtest, or forecast-accuracy results. Because the measure uses absolute changes between opens, it captures movement magnitude without direction and assumes recent opening-price changes offer useful guidance for the current session. Its projection depends on the selected lookback and multiplier, while the excerpt does not provide a tested rule for choosing these settings or demonstrate that the displayed targets predict future prices reliably.
Key ideas
- The indicator averages absolute percentage changes between recent daily opening prices.
- Users can select five-, ten-, or twenty-change averaging windows and scale the result with a target multiple.
- The average movement is used to construct stepped price levels above and below the current daily open.
- A threshold adjusts the projections, and prices are rounded to the instrument’s tick size.
- The document offers no backtest or evidence that the projected levels forecast prices reliably.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.