“Swinglines” is an indicator devised by Ira Epstein, that you can see in his YouTube videos (his YT channel https://www.youtube.com/user/IraEpsteinFutures )
He uses this indicator to show the trend, with respect to
- higher highs
- lower lows
- inside days
- outside days up
- outside days down
It connects higher highs, lower lows, in case of an Inside day the swingline reverts, in case of Outside days the swingline goes to the part of the bar where Open is.
My only doubt is the case of an Outside “doji” day, that I made equal to an Inside day (the swingline reverts)
Since the indicator is copyrighted I only tried to replicate it by looking at his videos, looking at his charts and listening to his (interesting) comments.
It seems to replicate it 100%
The original Forum thread is here https://www.prorealcode.com/topic/help-with-drawsegment/
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//Swing Lines (from an idea by Ira Epstein) HH=high[0]>high[1] AND low[0]>=low[1] LL=high[0]<=high[1] AND low[0]<low[1] ID=high[0]<=high[1] AND low[0]>=low[1] ODU=high[0]>high[1] AND low[0]<low[1] AND close[0]>open[0] ODD=high[0]>high[1] AND low[0]<low[1] AND close[0]<open[0] DOJI=high[0]>high[1] AND low[0]<low[1] AND close[0]=open[0] //higher highs higher lows if HH then DRAWSEGMENT(x1,y1,barindex[0],high[0])coloured(0,0,0) x1=barindex[0] y1=high[0] flag=1 //lower highs lower lows elsif LL then DRAWSEGMENT(x1,y1,barindex[0],low[0])coloured(0,0,0) x1=barindex[0] y1=low[0] flag=0 //inside day elsif ID then //if after uptrend if flag=1 OR flag=3 OR flag=5 OR flag=7 then DRAWSEGMENT(x1,y1,barindex[0],low[0])coloured(0,0,0) x1=barindex[0] y1=low[0] flag=4 //if after downtrend elsif flag=0 OR flag=2 OR flag=4 OR flag=6 then DRAWSEGMENT(x1,y1,barindex[0],high[0])coloured(0,0,0) x1=barindex[0] y1=high[0] flag=5 endif //outside day up elsif ODU then DRAWSEGMENT(x1,y1,barindex[0],low[0])coloured(0,0,0) x1=barindex[0] y1=low[0] flag=2 //outside day down elsif ODD then DRAWSEGMENT(x1,y1,barindex[0],high[0])coloured(0,0,0) x1=barindex[0] y1=high[0] flag=3 //outside day doji elsif DOJI then //if after uptrend if flag=1 OR flag=3 OR flag=5 OR flag=7 then DRAWSEGMENT(x1,y1,barindex[0],low[0])coloured(0,0,0) x1=barindex[0] y1=low[0] flag=6 //if after downtrend elsif flag=0 OR flag=2 or flag=4 OR flag=6 then DRAWSEGMENT(x1,y1,barindex[0],high[0])coloured(0,0,0) x1=barindex[0] y1=high[0] flag=7 endif endif Return |
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New version
New version 2.0 on the original Forum thread