Projected Trend Lines and Adjustable Channels from Recent Price Moves

Summary

This ProRealTime indicator estimates a directional move from the latest p candles and draws a line from the current close, projecting the estimate both backward and forward by p bars. The move is based on the sum of close-minus-open changes, calculated either in raw price units or as a percentage of the previous close. Line color indicates whether the estimate is rising or falling.

Optional upper and lower parallel channel lines are offset from the main line by the absolute estimated move multiplied by a user setting. Controls determine whether to display either channel and the past or future projections. The document suggests applying multiple versions with different lookback lengths to compare short-, medium-, and longer-term direction. It provides implementation details but no performance evidence; the future projection is a mechanical extrapolation of recent candle moves, not a validated forecast. It also specifies compatibility with ProRealTime version 11 onward.

Key ideas

• The indicator sums open-to-close moves over a user-selected number of candles to estimate direction and magnitude.
• The calculation can use raw price changes or changes relative to the previous close.
• The main line extends the estimate both backward and forward by the selected lookback length.
• Optional parallel channels are spaced according to the move magnitude and a configurable multiplier.
• Different lookback settings can show trends over multiple horizons, but the document supplies no evidence that projections predict future prices.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.