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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Recommended inputs for use of daily chart?
+1 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.
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This Looks a Little to Good to be true, ja it possible to gerade realtime using those support and Resistance lines?
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hermion.nuru hermion.nuru
@hermion.nuru,* is it possible to trade realtime using this Script?
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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 ?
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hermion.nuru Patternsmart
@Patternsmart, using it in order to trade s&r
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hermion.nuru hermion.nuru
@hermion.nuru for example trading binary options in combination with breakouts offers high probability
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Patternsmart hermion.nuru
@hermion.nuru, Then why it's too good to be true?
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I am kinda new to TradingView and trading in general. I see that this can be a really neat trick that will paint show me the points really quick. I just don't know how I can leverage into onto my chart, since there is no source code. I guess my question is, if you can't copy the code into the pinescript editor... then how to do you enable it onto your chart?
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Tom1trader TahishaTucker
@TahishaTucker, Hi, just browsing see you did not get answer, in case you have not figured it out, see just below the description above on the right side click "add to my faavoriites" (also see note to left, can use but source code is not published) On you chart click indicators then faovrites and select it there. Keep smiling!
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