Projection Oscillator

The Projection Oscillator indicator is based on the Projection Bands as introduced by Mel Widner, Ph.D in an Technical Analysis of Stocks & Commodities magazine article from July, 1995.

Indicator Description

The Projection Oscillator is based on the Projection Bands indicator and plots the location of the close within the bands. An Oscillator value of 0 means that the close equals the lower band, a value of 50 equals the midband and 100 equals the top band. Whereas the Stochastic’s calculation uses the raw highest high and lowest low value, the Projection Oscillator adds the regression line component, making it more responsive.

The indicator can be used to reveal price divergences as well as identifying overbought/oversold scenarios. Furthermore, a moving average of the oscillator can be used to indicate buy/sell signals with a cross above/below the trigger line.

The indicator is available for NinjaTrader 8.