This script was developed in order to help us detect if a chart is actually trending or going nowhere.
This script will highlights all swing highs and all swing lows
We only need to compile it and just add it to any chart you want.
I have used this script in my latest trading plan. As we all know a trading plan must answer the question of either you want to trade trending market or sideways market.
You can check the below video that will tell us the 8 steps to build a robust trading plan in which one of the steps is to identify if the market is trending or no.
TRADING PLAN :
You can check the following video that will explain how to
The Stochastic RSI indicator (Stoch RSI) is essentially an indicator of an indicator. It is used in technical analysis to provide a stochastic calculation to the RSI indicator. This means that it is a measure of RSI relative to its own high/low range over a user defined period of time. The Stochastic RSI is an oscillator that calculates a value between 0 and 1 which is then plotted as a line. This indicator is primarily used for identifying overbought and oversold conditions.Fibonacci Potential Entry - MT4
The 8 effective steps to build a robust day trading plan using Fibonacci retracement