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The TD Range Projections or the Tom Demark Range Projections is an indicator used in technical analysis and developed by Tom Demark. This indicator tries to project and predict the next bar's high and low values (range).
The calculation of the range or the high and low values of the next bar depends on the value of the open and close prices for the most recent bar. (It depends on whether the close price is higher than the open price, the close price is equal to the open price, or the close price is lower than the open price).
The projections calculated by the TD Range Projections are used to determine the expected trading range of the next day. The interpretation of the indicator is as follows: The security price is expected to remain with the calculated range if the open price is inside that range. If the open price is above the projected range (open price higher than the high value) then the price is expected to increase. If the open price is below the projected range (open price lower than the low value) then the price is expected to decrease.
The function accepts only one parameter. This parameter is used by the application to determine whether to calculate the high or low values. If you set a value of one, then the application will calculate the high values. Any other value will result in the calculation of the low values.
Example:
Plot(TDRP(1),"Demark High",colorGreen,chartLine,styleOwnScale|StyleSymbolCircle);
Plot(TDRP(0),"Demark Low",colorRed,chartLine,styleOwnScale|StyleSymbolCircle);
