bharatTrader

Swing Points

An indicator that identifies Swing Points (highs and lows) and then determines highs and lows of those swings. Works on all timeframes.
This is not my invention. It is a generic concept that I picked up from the trading world.

First level swings are termed as Short term Highs and Short term Lows (STH and STL )
The second level swings are termed as Long term Highs and Long term Lows (ITH and ITL )

An STH is formed when the 2nd high is higher than the highs on either side.
An ITH is formed when the 2nd STH is higher than the STH on either side.
Likewise logic for lows.

An example, A bullish trend can be expected if an ITH level is taken out after a ITL is formed after the ITH.

Inside bars: Inside bars are ignored. They can be marked, turned off by default.

Also, a "X" is placed over a swing point if two consecutive swings form simultaneously. This is turned off by default.
Release Notes:
  • Fixed bug that missed marking a STH or STL right after an opposite one was discovered
Open-source script

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.

Want to use this script on a chart?

Comments

Oh my god.... Gurjeev Singh ji and Niranjan ji.... Hats off to both of you .... Great and AWESOME work....
+1 Reply
bharatTrader Vinaykumar23031988
Reply
Excellent Niranjan Sir
+1 Reply
armar77 gurjeevsingh
@gurjeevsingh, @Niranjanbhai, Thank you very much... It seems you can code our mind and thought process too.....Bravo
+1 Reply
@armar77, Thanks
Reply
bharatTrader gurjeevsingh
@gurjeevsingh, Thanks!
Reply
Awesome! Great work Niranjan ji and Gurjeev ji, together you rock!
Reply
This is awesome work. i am very new to pine scripts. How can I use to this to identify each swing high and low. I mean that if today's price closed higher than the yesterday's price then a swing low will get formed. Similarly for swing high. Right now its giving SH and SL for longer swings, but I guess it should identify each swing comparing today's close with previous days close.
Reply
what filter should you have when screening if you're looking for STL & lTL? Please sir I'm new do this and I have a few strategies do determine a stock should be bought but I don't know how to find them when screening.
Reply
GOOD MORNING NIRANJAN

i could find indiacator in search ,, what name to put in to search .. i can see it under ur name .. but not in search indicator.. am i doing wrong search?

regards Linesh
Reply