Combined indicator calculated according to the formula by Welles Wilder, which shows the "Current Swing Index" and "Accumulative Swing Index " of the price in the form of a line chart or histogram.
Current Swing Index (CSI) is the index that predicts the short-term price movement, helps to determine the real price of the security (currency) by comparing the current price (Open, Close, High and Low) with the prices of the previous period.
Accumulative Swing Index (ASI) is the index used for estimating the long-term trend by comparing the bars which were at the opening, closing, Highs and Lows.
This indicator was first implemented for MT4 and published in CodeBase in 2007.
- Количество баров истории /History Bars - the number of bars to calculate the indicator. If "0" - all available history on instrument will be used for plotting.
Control of the indicator is performed by buttons:
- Left- toggles display of the CSI to line or histogram. When the button is pressed, its text also changes - Switch to Histo CSI / Switch to Line CSI.
- Right- toggles the display of the ASI to line or histogram. When the button is pressed, its text also changes - Switch to Histo ASI / Switch to Line ASI.
Alternated pressing on the buttons changes the indicator name to Accumulative Swing Index / Current Swing Index.
It is recommended to use it on the Н1 timeframe or higher, but it is better on Н4!!!
An option of using the indicator - use the nature of the CSI as an "oracle" of the further price movement for at least one candle ahead. Analysis of divergences/convergences is useful for these purposes. Reliability of predicting the next candle after identification of a divergence was 80% during backtesting.