The indicator also returns an estimate of the future time position of the .
- Dashboard Location: Location of the dashboard on the chart
- Dashboard Size: Size of the dashboard on the chart
- Text/Frame Color: Determines the color of the frame grid as well as the text color
The indicator can provide information helping the user to infer the position of future . This information is directly used in the indicator to provide such forecasting. Note that each metric is calculated relative to the same type of .
It is also common for analysts to use for the construction of various figures, getting the percentage change and distance for each can allow them to eventually filter out points of non-interest.
We use the trailing mean of the distance between respective to estimate the time position of future . This can be useful to estimate the location of future tops/bottoms. The time position of the forecasted is given by a vertical dashed line on the chart.
We can see a successful application of this method below:
Above we see the forecasted for BTCUSD15. The forecast of interest being the high. We highlight the forecast position with a blue dotted line for reference.
After some time we obtain a new high with a new forecast. However, we can see that the time location of this new high matches perfectly with the prior forecast.
The position in time for the forecast is given by:
x1_ph + E[Δt]
x1_pl + E[Δt]
where x1_ph denotes the position in time of the most recent high. x1_pl denotes the position in time of the most recent low and E the average distance between respective .
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.