The Projection Bandwidth was created by Mel Widner (Stocks and Commodities Jul 1995) and this is another of my series of indicators that I consider undiscovered gems. For those of you who are unaware, the Bandwidth indicator measures the distance between the high and low bands and if you remember from my Projection Bands script, the Projection Bands give pretty accurate early signals of trend reversals and followed fairly closely by a large bulge in the bands. The large bulges in the bands essentially act as the confirmation that the trend reversal is happening and so that brings me to this indicator. This indicator gives signals based on if it has reached a peak or a valley. Both extremes mean that the current trend is ending and I have color coded it based on the buy and sell signals from my Projection Bands indicator. I have included strong buy and sell signals in addition to normal ones so strong signals are darker in color and normal signals are lighter in color. Buy when the line turns green and sell when it turns red.
Let me know if there are any other scripts or indicators you would like to see me publish!
Hello my virend! Thank you very much for all these exotic indicators that are worth looking into further. However, I have a question. What is the top 5 of all indicators you have published? Which ones do you use yourself in daily trading and are they part of another system or do you use certain indicators without others?
cheatcountry
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@Ether2020, That is a tough question to answer but top 5 imo and what I personally use is my Ultimate Moving Average, Projection Bands, Uber Trend Indicator, Ehlers Instantaneous Trendline V2, Demark Reversal Points
Ether2020
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@cheatcountry, great and thank you for your reply! Amazing work you do here my friend!
cheatcountry
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@Ether2020, thanks again! I'm going to keep up with my unpublished gems for the next week or so, so stay tuned!
MasBart
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@cheatcountry, how do you use the UMA vs Ehler Insta Trendline V2 on the same chart ?
cheatcountry
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@MasBart, I usually don't just use these two by themselves but if I'm using just these two, I essentially use them both as confirmation of an entry or an exit. I buy when both are green and sell when both are red. Since the UMA hugs the price so well it can give false signals when dealing with the extreme short term so I use Trendline as a confirmation of UMA buy and sell signals