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Duplicate Ninja's Swing Indicator for Sierra Chart
Not exactly a duplicate, but it's reasonable and it's built-in: Zig Zag
Zig Zag is more like NT Price Action Swing (a custom indicator in the FIO Downloads section), and like Price Action Swing, it has a lot more settings and display options than NT Swing.
To get the result in the screenshot, the settings need to be changed from the default and are not obvious:
Calculation Mode: 2 (I find this always gives better turning points than the default)
Extend Endpoints Until Future Intersection: Yes (Default it No, but Yes will give you the horizontal lines.)
And on the Subgraphs dialog, set Zig Zag Drawstyle to Ignore. Leave Extension Lines to Line Solid. The others will be fine too. (The Zig Zag set to Line will make lines from the lows to the highs and vice versa.)
Since Zig Zag is much more flexible than NT Swing, you may want to explore some of the other options it has. But if you just want the levels, this will do it.
Bob.
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Edit: in true Sierra Chart fashion, the Help topic is hard to understand and the options are not easy to decide on.
I found "Calculation Mode" of 2 to work well, but I didn't really understand the "explanation" in the Help. You can set the Zig Zag lines to show on the chart, as they are by default, and it will draw lines from the tops and the bottoms. You can also have it show the price and/or swing volume at the turn, the length of the swing from the last turn, and other fun things. (I leave them off, but your choice.)
Since it takes a few bars for a hi/lo to become clear, the lines may take a few bars to appear. Swing also has that built-lag.
When one door closes, another opens.
-- Cervantes, Don Quixote
Thank You for that concise explanation! So easy to follow your guidance of the Study, Settings and Inputs, and Subgraphs.
It only took a few minutes to successfully implement the ZigZag Study per your recommendations.
Knowing which 2 of the 29 Settings to adjust made all the difference! As you say, not easy or obvious to know which Settings to adjust. Thank you so much, bobwest!
A couple observations.....
I see the Sierra ZigZag Setting/Input of 'Number of Bars Required For Reversal' has a default value of 5 which is the same default value as the NT8 Swing indicator. This accounts for the built-in lag for lines to form from highs/lows.
I fiddled with two Subgraph choices to more closely approximate NT8's visual appearance (see attached screenshots):
1. Change the two colors for the Extension Lines to approximate the default colors in NT8 (Dark Cyan and Goldenrod).
2. Change the Line Style from Solid to Dot, and increase the Width/Size from 1 to approximately 3-5. This appears similar to NT8 Swing's default setting of "Dot 2px." (Sierra's dots are actually small squares, in NT8 the dots are small circles.)
I have two follwup questions regarding Sierra ZigZag:
1. Is there a way to adjust the length of the Extension Lines to something less than Until Future Intersection?
2. How is an Alternate Line Style defined and input? (Under Subgraphs - Extension Lines, there is a Line Style choice of "Alternate")
1. No, they are quite proud of the fact that the lines will keep going until they hit something, and that's what we asked for when we changed that setting to Yes. I wish this could be changed, but I'm afraid not.
2. "Alternate" line style typically is sort of a dot, or with larger widths a dash. I never looked at it with Zig Zag, but apparently it isn't provided.
Since you are new to SC, let me tell you that the Help is sometime very hard to use -- I think everything is there somewhere, but it is not that easy to find it. I have no idea why Alternate is not available for Zig Zag, and maybe it is for all I know. But it doesn't seem to be.
I love Sierra Chart, and it can do just about anything you want, but very little effort was made to make it user-friendly.
Sierra Chart users are sometimes sort of proud that they are tough enough to use it.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
