Download: SWING.ELA
Category: Indicator > Swing Identificator
Description:
The Swing Index indicator assigns a Swing Index value from 0 to 100 for an up bar and 0 to -100 for a down bar. This indicator uses the current bar’s Open, High, Low, and Close as well as the previous bar’s Open and Close to calculate the Swing Index values.
Usage:
If the Swing Index crosses over 0, a short-term price increase is likely. Conversely, a cross below 0 suggests a decline in market price. A larger or smaller swing index value indicates the severity of the market’s increase or decline in price.
No Inputs
EasyLanguage Code:
PLOT1(SWINGINDEX, "SWINGIDX");
{ALERT CRITERIA}
IF PLOT1 CROSSES OVER 0 THEN
ALERT("THE SWING INDEX HAS CROSSED OVER ZERO")
ELSE
IF PLOT1 CROSSES UNDER 0 THEN
ALERT("THE SWING INDEX HAS CROSSED UNDER ZERO");