JustUncleL

BO Swing Finder R0.6 by JustUncleL

This indicator alert study attempts to detect confirmed Swing points. It uses Bollinger Band centre line crosses as the main signal. The main detection occurs by looking for the first BB centre line cross that was initiated from outside the Bollinger Channel (alternatively KC channel can be used).
The optional HullMA (any any other MA pair) are used to confirm the swing direction. The indicator also plots the two KitKat Support and Resistance lines with optional High/Low labelling on KitKat1 lines.

This indicator tool is suitable for any time frame and can be traded with Binary Option (even 1min) orders (2-3 candle expiry) or as Forex trade orders. It is suitable for Currencies, Cryptocurrencies and Metals. May also be useful on other markets as well.

The MA filtering options, each MA line can be a different type, with an optional offset:

NOTE: The signal calculations do occur on the current candle, so the state of the signal may re-build until the current candle is closed. I have designed the script to behave this way on purpose. This gives traders the option of
preparing their trade early or even taking the trade early if they want. Otherwise the trader can be more conservative and wait for signal candle to close, to give them a confirmed signal. (This is NOT re-painting as the historical signal states are fixed and will not change, unless you change some setup options.)

Hints:
1) As with all indicator and alerting tools, not all signals will yield a tradable successful swing. You need to apply you own analysis on each signal to determine the probability of success.

2) When using the MA to filter the signals you should use it for two types of filtering:
  • Supportive that confirm swing like fast moving MAs with fairly short lengths, eg HullMA(21,25).
  • Long Term Direction with smoother longer length MAs like SMMA (180,220) to show up swings back into direction of the longer term trends.

Inspiration: @Lyiness

References:
Release Notes: - Bug fix:

Algorithm incorrect finding some swings that don't conform to Outside In rule: there must be no higher high above the last Outside high between it and the centre break.
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JustUncleL

Comments

This looks pretty promising. Funny how it gives very similiar signals as another indicator I just started testing:

Thank you! ;-)
+1 Reply
JustUncleL koenjah
@koenjah, Yes the indicators will start to look similar, as they are both trying to estimate a swing from the peaks and troughs in the price chart action.
Reply
@koenjah,

Hi Where can I find this script?

Thanks,

Henk Schipper
+2 Reply
JustUncleL HendrikSchipper
@HendrikSchipper, You will find all my scripts in the TradingView Public Indicator Library.
Reply
Thanks for sharing!!!! It is great!!!!!
+1 Reply
JustUncleL sudhir.mehta
@sudhir.mehta, You are welcome, this indicator was inspired by some comments made on another of my scripts, regarding trading techniques using that indicator/script. So comments are always welcome, you may inspire me to change an indicator or create a new one.
+3 Reply
VERY GOOD INDICATOR
COMPLEX IN MAKING THIS TOOL
AUTHER DO LOT OF WORK
REALLY APPRICIATE HIS WORK.
Reply
Excellent. Have you considered using KDJ indicator? i find it useful with price action

I like this indicator, very useful for short term trading, consider looking at cryptocurrency market, you might find it interesting
Reply
Comment removed.
Lyiness Lyiness
@Lyiness, Please note the lines of resistance and support lines! then you come to a good result
Reply
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