Patternsmart

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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//@version=2
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)
+5 Reply
Recommended inputs for use of daily chart?
+5 Reply
So the Swing Length setting is important here. In real time it will paint a dot as many bars back as the swing length setting. So, with the default of 9 and using a 1-minute chart, you might get a support dot painted on the 10:00 candle at the close of the 10:09 candle, or 9 minutes prior. So if you are back testing this consider that you won't know where the SR dots are until X candles/bars after the start of this area, with X being your input value for Swing Length. That's what I've found anyway.

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.
Reply
cgoodie ComebackKing
@ComebackKing, chiming in late here, but I'm finding that combining this with fib levels is producing some compelling entry points.
+2 Reply
This Looks a Little to Good to be true, ja it possible to gerade realtime using those support and Resistance lines?
+1 Reply
hermion.nuru hermion.nuru
@hermion.nuru,* is it possible to trade realtime using this Script?
+3 Reply
Patternsmart hermion.nuru
@hermion.nuru, It's a good indicator, but It's just a swing high/low extension lines, nothing special at all. Why do you think it's too Good to be true? Which part is too good ?
+1 Reply
hermion.nuru Patternsmart
@Patternsmart, using it in order to trade s&r
Reply
hermion.nuru hermion.nuru
@hermion.nuru for example trading binary options in combination with breakouts offers high probability
Reply
Patternsmart hermion.nuru
@hermion.nuru, Then why it's too good to be true?
+1 Reply
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