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.
Catatan Rilis
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Fixed bug that missed marking a STH or STL right after an opposite one was discovered
this is amazing , thanks a lot sir, and best part is its free aswell :)
rajadurai1997
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hi bro, really thanks for this indicator, its awesome can i use, if i able to use find 3bar swings its more usefull to me, it shows 5 bar swing high and low is it possible to change it, pls let me know bro
swing points are not showing correctly, please if can correct!