For any Mel Widner, Ph.D fans out there, I present this decades old "Projection Oscillator" employing PSv4.0, originally formulated by Mel Widner for TASC - July of 1995 Traders Tips. Just when you may have thought it was the end of the evolutionary line for Mel Widner technology, it's not! Basically it's a hybridization of linear regression, banding, and a stochastic rolled into one. It's purpose is intended to help identify reversal points.
While working on another member's project, I discovered other implementations on TV and a few scarcely found on the internet, they are not entirely correct and not in a package like this. I'm submitting this as a complimentary indicator for their trading system AND also for the TV community for hybridized indicator evolution. My implementation is a heavily modified version of the original indicator using novel techniques, surpassing Widner's original intended design.
Utilizing the "Power of Pine", I included the maximum amount of features I could surmise in an ultra small yet impressive package. Configurations are displayed above in multiple scenarios that should be suitable for most traders. Of notable mention, the original design was a range from 0-100 just like any other stochastic, but I rescaled the oscillator more towards a zero mean unity scale(+/-1.0), while still leaving the waveforms completely intact.
Features List Includes: Dark Background - Easily disabled in indicator Settings->Style for "Light" charts or with Pine commenting AND much, much more... you have the source!
For those of you who are new to Pine Script, this script also may help you understand advanced programming techniques in Pine and how they may be utilized in a most effective manner. I would like to see Tradingview become the go to platform for the best indicators attainable with this contribution to the TV community. This is commonly what my dense intricate code looks like behind the veil. If you are wondering why there is no notes, that's because the notation is in the variable naming. If you wish to contribute additional ideas, please do so below in the comments about all things Pine in regards to this indicator.
NOTICE: Copy pasting bandits who may be having nefarious thoughts, DO NOT attempt this, because this may violate Tradingview's terms, conditions and/or house rules regarding publishing and "fair" reuse of code. "WE" are always watching the TV community vigilantly for mischievous behaviors and actions that exploit well intended authors for the purpose of unscrupulously increasing brownie points in reputation scores. Hiding behind a "protected" wall may not protect you from investigation and account penalization by TV staff. Be respectful, and don't just throw a meaningless feature in there, then branding it as "your" gizmo if you reuse this code for publishing another indicator. Fair enough? Alrighty then... I firmly believe in "innovating" future state-of-the-art indicators, and please contact me if you wish to do so.
The comments section below is solely just for commenting and other remarks, ideas, compliments, etc... regarding only this indicator, not others. When available time provides itself, I will consider your inquiries, thoughts, and concepts presented below in the comments section if you do have any questions or comments regarding this indicator. When my indicators achieve more prevalent use by TV members, I may implement more ideas when they present themselves as worthy additions. As always, "Like" it if you simply just like it with a proper thumbs up, and also return to my scripts list occasionally for additional postings. Have a profitable future everyone!
Thank you, great work, I had a question I would like to set an alarm, when the yellow line cuts green from the bottom and the opposite yellow line cuts red from the top, please help me
Pratik_4Clover
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Well done! Thanks for coding it. Will let you know if something comes up in mind for your use :)
Regards!
ImmortalFreedom
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@OWL, Thanks, and the credit really goes to Mel Widner. I felt it was important to dust this old indicator off and revive it to a glory it truly receives. I believe it has some untapped potential left in it some haven't recognized before. I don't know what that is precisely right now, but I intend to explore continued use and it's versatility even more...
StarTrek54
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Thanks ... Well done... great indicator ;-)
oth002260
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Hi I am so grateful that I can use this indicator
cheerfulCode82387
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Hi Sir, first of all congrats for your work. Im newbie in this stuff so just a simple question. The points are signal that a reverse probably will ocur, but the green dots are the buy signal and red sell signal.
Thanks once again.
ImmortalFreedom
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@cheerfulCode82387, The dots of both colors are indicative of a potential reversal approaching. You may also consider it as being in overbought/oversold territory preceding reversals that are likely to come in the future.
ilesanmipepsi
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This script is capable of predicting a reversal, once a dot appears above or below the high or low of the oscillator it's a warning signal that price will reverse! You did a great job! Thanks for sharing your script with us.
ImmortalFreedom
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@ilesanmipepsi, Thank you for the compliment, much appreciated. I wouldn't describe it as being "capable of predicting a reversal". A better way to explain it might be... "It may be capable of anticipating a potential reversal". I just wanted to clarify that for members. It's not a crystal ball indicator, but it has some unusual characteristics exhibiting good potential.
ilesanmipepsi
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@midtownsk8rguy, I agree with you. Thanks for that clarification!