Range Finder: Forecasting the Next Bar High and Low
This useful indicator was independently discovered by multiple commodity futures traders, but Arne Gronfelt generally gets the credit for it. I find it also useful with FX charts.
Tip: Many of the simple bar chart patterns, methods, and systems developed by traders for commodity futures trading in the 1950s, 1960s, and 1970s have yet to find their way to FOREX traders. There may be gold in them thar hills yet!
The formula enables the trader to forecast the next bar high and low. Charts are refractive, so you can use it on anything from 1-minute to 1-week.
Tip: Use the range finder on all three of your trader profile charts to get a forecast at different price levels. Watch especially for where they overlap.