What is Swing?
Swing is important price level, where many retail traders put their SL or TP. For big players it means liquidity and they tend to push price to these levels. SwingLow is low of candle which has lower low than candle before and after. SwingHigh is high of candle which has higher high than candle before and after. Bigger timeframes are more significant than lower timeframes (H1 more important than M5).
How to use SwingIndicator?
SwingIndicator is used for enter or exit positions and setting up SL under these levels and TP at these levels.
- TimeFrame - choose suitable TimeFrame for your use (M1-MN) for MultiTimeframe function. Only swings from this TimeFrame will be shown. If you choose "current", current TimeFrame on your chart will be used.
- BarsBack - number of candles back, which will be used for finding swings. Proper values 40-500 candles.
- LineWidth - width of line, only valid for solid line.
- LineStyle - style of line - solid, dash, dot, dashdot, dashdotdot.
- HighSwing - colour of SwingHigh
- LowSwing - colour of SwingLow