Caution: Always use the indicator in conjunction with other tools and analysis methods to confirm trading decisions. Avoid trading solely based on this indicator.
How to Use:
- Swing Point Oscillator: Displays the momentum of the price relative to its recent high and low.
- Trend Filter: Highlights the general direction of the market trend.
- Zones: Visual representation to categorize oscillator values (Up Zone and Down Zone).
- When the oscillator moves upward and approaches or enters the Up Zone, it indicates increasing bullish momentum.
- When the oscillator moves downward and approaches or enters the Down Zone, it suggests increasing bearish momentum.
- Values near the middle (around zero) often indicate indecision or consolidation in the market.
- A trend filter line above the Mid-High or below the Mid-Low suggests a strong trend.
- When the trend filter is between the Mid-High and Mid-Low, it might indicate a weaker or sideways trend.
- Its color will change based on its position relative to the zones. For instance, it turns red when indicating a stronger trend.
- Up Zone: The area between the Top Line and the Mid-High. Indicates strong bullish momentum when the oscillator is within this zone.
- Down Zone: The area between the Mid-Low and the Bottom Line. Indicates strong bearish momentum when the oscillator is in this zone.
- Bullish Scenario: Consider long positions when the oscillator is rising, and the trend filter indicates a strong upward trend.
- Bearish Scenario: Consider short positions when the oscillator is falling, and the trend filter indicates a strong downward trend.
Visit www.quantigenics.com to subscribe
E-mail us at email@example.com
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.