OPEN-SOURCE SCRIPT
Major Swings
This is an indicator that shows minor and major swing highs and lows.
With the help of Average True Range it is calculating if stop order bulls are able to make money buying above swing highs and if bears are able to make money selling below swing lows.
Assumption is that if they are able to make money ( at least a scalp that is a size of an average bar based on atr ) the trend is strong and the opposite swing point is therefore major.
It is possible to change the amount of bars that indicator compares to find swing points as well as atr period, label colors and show/hide minor swing points.
With the help of Average True Range it is calculating if stop order bulls are able to make money buying above swing highs and if bears are able to make money selling below swing lows.
Assumption is that if they are able to make money ( at least a scalp that is a size of an average bar based on atr ) the trend is strong and the opposite swing point is therefore major.
It is possible to change the amount of bars that indicator compares to find swing points as well as atr period, label colors and show/hide minor swing points.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.