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What Ingredients make up the Best Swing Indicator?


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What Ingredients make up the Best Swing Indicator?

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  #1 (permalink)
 StreetPreacher 
Chattanooga, TN/ USA
 
Experience: Intermediate
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Posts: 51 since Jun 2016
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Hello Gents,

I am trying to create a Swing Indicator to be a part of a Measured Move Indicator that I'm building. Just wondering what you think it should include. To start you could measure Hi price to Lo price of the last swing but I need to find Consolidations so I would need to require that the last Hi price, for example, is within a certain tick range of the previous Hi price. You can have this measured against Time ( Lookback period ) I guess.


Is there anything else that I haven't thought of that really should be a part of this?


Cheers,

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  #2 (permalink)
 SidewalkAerobics 
Los Angels
 
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StreetPreacher View Post
Hello Gents,

I am trying to create a Swing Indicator to be a part of a Measured Move Indicator that I'm building. Just wondering what you think it should include. To start you could measure Hi price to Lo price of the last swing but I need to find Consolidations so I would need to require that the last Hi price, for example, is within a certain tick range of the previous Hi price. You can have this measured against Time ( Lookback period ) I guess.


Is there anything else that I haven't thought of that really should be a part of this?


Cheers,

It's great to see another swing trader!

My best advice is to keep in mind that 1 or 2 points do not make a trend. A trend may have outliers (highest high, lowest low) that skew a strait line in a different vector than the middle of the trend.

An average of anything is a lagging indicator.

It's very old school, but the ticker tape traders measured close against close (not necessarily outliers of the highest high and the lowest low).

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 StreetPreacher 
Chattanooga, TN/ USA
 
Experience: Intermediate
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Trading: 6E
 
Posts: 51 since Jun 2016
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thanks for your reply.

I could use Closing price of the bar to help with the outliers, avoiding pins, to define the range of the Consolidation.
As I said, "the last Hi price, for example, is within a certain tick range of the previous Hi price". This tick range could also help with outliers. Maybe you could take the average of the Highs then the average of the Lows and Project the Measured Move using that. Then when price breaks in either Direction the Measured Move will be plotted on the chart and then look for Resistance at or close to that level or zone.

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 SidewalkAerobics 
Los Angels
 
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StreetPreacher View Post
thanks for your reply.

I could use Closing price of the bar to help with the outliers, avoiding pins, to define the range of the Consolidation.

Let us also consider the Highest Highs and Lowest Lows as they do provide some information. I find them to be a confirmation rather than a signal. I don't find the value of the high or low has major significance. I watch the timing and market movement following each.
  • When they occurred (how long ago)
  • Which one happened first
  • Where & when did the market go after

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 AnyM 
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Volume should be a major factor as well, to determine if selling or buying climaxes exist. Also, the measure of each upward or downward thrust to see if they are getting smaller in range with volume included in the analysis.

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xtrender
Boston
 
 
Posts: 5 since Feb 2019
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I am trying to do sorta kinda the same and have no idea how to program the set of SETUP (set of initial conditions that define support and resistance levels or pivots) and use lookback period to compare breakout to setup. Any ideas appreciated! Thank you

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  #7 (permalink)
 StreetPreacher 
Chattanooga, TN/ USA
 
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Thanks for all your responses Gents. Volume Analysis at Top and Bottom Edges can help predict direction for sure. What Im looking to do is accurately measure the Swing Hi and Lo so I can determine the Measured Move which gives me the Support or Resistance price for my Entry in the opposite direction...Fading. The Measured Move is where Big money typically takes some profit/ Resistance/ Absorption can show itself.

I cant think of any other inputs or ingredients to include in the code. I'm paying for this out of my own pocket unless someone here would like to code it for us all.

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