This indicator provides some base code for looping over data to identify swings in price action. Full code commentary can be found on the backtest rookies website.
The indicator shall allow users to "analyse" a recent historical candle to detect whether it was a swing point. This will work by inputting a number to select which historical candle you want to check. The indicator will then check all candles after it until the current candle. It shall also check the same amount of candles before it. If the candle analysed has the lowest low or highest high in the complete range, then we know it was a swing point.
@dpanday, this pine script version is 3. It shouldn't make any repaint, I guess
I will let you know I gonna try it!
DreamsDefined
⋅
@dpanday, Just thought I'd add to this for future people...
This indicator can't repaint (only issue prior to v3 of pine script was with the "security" function and/or utilising multiple time frames). Given this is v3 and the security function isn't used = no repainting :)
dpanday
⋅
@DreamsDefined, Ok thanks for your answer. The signals appear only after a few bars i think. Is it possible to display them immediately?
dpanday
⋅
@DreamsDefined, When signals can be displayes earlier i could use it with automatic trading
DreamsDefined
⋅
@dpanday, Unfortunately not. Nature of the beast; you can't identify something until after it happens (and swings are particularly difficult to identify quickly given the chaotic/volatile nature of the markets). The article on the backtest website shows that when you reduce the lookback period (for this script it's the "barsback" input) you get more false signals and the usefulness of the indicator decreases.
If it were that easy we'd all be rich ;)
jpbraga
⋅
how can I plot the price on the specific candle instead of SH/SL ? (version 3)
custardapplepy
⋅
@jpbraga, do you mean to put the numbers instead of the text "SH/SL" on the charts ?
Even i am looking for the same, would be amazing if @BacktestRookies can get help.
thanks in advance
jpbraga
⋅
@custardapplepy, Yes, Exactly ! I'm still trying to figure it out. Maybe in the version 4 can be done...