Projection Bandwidth is based on the Projection Bands indicator. It is the ratio of the width of the bands to the midpoint. A low number indicates that the bands are narrowing, a high number means that the bands are widening. The band width is a measure of volatility. Narrow bands mean a narrow trading range and low volatility; wide bands, wide range, high volatility.
See also Projection Bands and Projection Oscillator.
Projection Bands were developed by Mel Widner, Ph.D and were originally introduced in his article in the July, 1995 issue of Technical Analysis of Stocks & Commodities magazine.
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