RSI Projection v1Application of concepts from Constance Brown "Technical Analysis for Trading Professionals", specifically: Chapter 7: Price Projections By Reverse Engineering Indicators , and Chapter 8: Price Objectives Derived From Positive and Negative Reversals In The RSI .
Specifically: I wanted to see if better Exit signals for the RSI could be generated from a basic application of some of the concepts in those chapters, and that is what I've found so far:
Exit when the RSI (purple) crosses below the orange line
Orange line is forecasted RSI for positive price reversals, blue line is forecasted RSI for negative price reversals
From what I can tell, this indicator does not work well during chop/consolidation and ranging periods, generating too many false signals without additional confluence from trending indicators and price analysis
This indicator should be considered highly experimental - do not use live trading without proper backtesting and parameter adjustment.
Tuning per asset and timeframe is required due to calculation type for highs/lows used for projection calculations
Projection
Projecting From StabilityStable periods that are projected can be found using Bollinger Band Percent Width Crossing RSI
The projected periods are paying most attention to the drop in % BBand width.
[RS]Channel Projection V1EXPERIMENTAL:
note: angle calculation is not correct.
added optional time calculation and bar calculation
[RS]Fractal Auto Gann LinesEXPERIMENTAL:
GANN lines projection based on zigzag tops/bottoms, use at your own risk.
