Swing high low support & resistance, by Patternsmart.com
The Swing indicator will plot dot lines that represent the swing points based on the swing length input(number of bars to the left and right of the swing point).
Swing highs and lows can be used by traders to identify possible areas of support and resistance , which can then be used to determine optimal positions for stop-loss or profit target orders. If an indicator fails to create a new swing high while the price of the security does reach a new high, there is a divergence between price and indicator, which could be a signal that the trend is reversing.
Swing highs and swing lows are earlier market turning points. Hence, they are natural choices for projecting support and resistance levels. Every swing point is a potential support or resistance level . However, for effective trading, focus on major swing highs and lows.
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// Technical Analysis & Research Patternsmart.com
//
// Custom indicators, Strategies, SCAN, Screener, Backtesting, Converting service for:
// Tradingview, NinjaTrader, Thinkorswim, MetaTrader, MetaStock, Multicharts, Prorealtime, etc.
//
// If you want to customise this indicator, please contact us.
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Swing highs and lows can be used by traders to identify possible areas of support and resistance , which can then be used to determine optimal positions for stop-loss or profit target orders. If an indicator fails to create a new swing high while the price of the security does reach a new high, there is a divergence between price and indicator, which could be a signal that the trend is reversing.
Swing highs and swing lows are earlier market turning points. Hence, they are natural choices for projecting support and resistance levels. Every swing point is a potential support or resistance level . However, for effective trading, focus on major swing highs and lows.
////////////////////////////////////////////////////////////
// Technical Analysis & Research Patternsmart.com
//
// Custom indicators, Strategies, SCAN, Screener, Backtesting, Converting service for:
// Tradingview, NinjaTrader, Thinkorswim, MetaTrader, MetaStock, Multicharts, Prorealtime, etc.
//
// If you want to customise this indicator, please contact us.
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study("Core Pivot",shorttitle="CPIVOT", overlay=true)
leftBars = input(6)
rightBars = input(6)
running_ph = running_ph
running_pl = running_pl
ph = pivothigh(leftBars, rightBars)
pl = pivotlow( leftBars, rightBars)
if (ph)
running_ph := ph
if (pl)
running_pl := pl
plot(running_ph, style=cross, linewidth=1, color= blue, offset=-rightBars)
plot(running_ph, style=cross, linewidth=1, color= blue, offset=0)
plot(running_pl, style=cross, linewidth=1, color= red, offset=-rightBars)
plot(running_pl, style=cross, linewidth=1, color= red, offset=0)
This would make it impossible to say buy the first candle after a support dot has been printed, unless your Swing Length value is set to 1. But you could buy a retest of that area if it happens after your X value.