Projection Bands
Projection Bands are made up of two bands outlining minimum and maximum projected boundaries. The Bands are derived using the minimum and maximum prices over a given time period and projecting these forward, parallel to a linear regression line. The Bands are interpreted to signal directional price reversal when when prices reaches their boundary. This indicator was originally introduced in the July 1995 issue of Technical Analysis of Stocks & Commodities magazine.
See also: Bollinger Bands
Chart courtesy of Prophet Financial Systems (www.prophet.net)