Black Friday great discounts start today Learn more
+1 888 340 6572

Swing Identificator > Swing Index

Article/Author: Omega Research Inc., 1997

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");