Swing High & Swing Low Indicator

OVERVIEW
The Swing High and Swing Low Indicator is a technical analysis tool that automatically identifies and visualizes key supply and demand zones based on swing points in price action. This indicator helps traders identify potential areas of support and resistance where price reversals or bounces may occur.

KEY FEATURES
• Automatically detects swing highs and swing lows using a customizable lookback period
• Draws horizontal lines as zones around swing points to highlight supply (resistance) and demand (support) areas
• Supply zones are marked in red at swing highs where selling pressure may emerge
• Demand zones are marked in green at swing lows where buying pressure may emerge
• Dynamically adjusts zone height based on recent price volatility
• Maintains clean charts by limiting the number of zones displayed
• Optional swing point markers for visual confirmation

HOW IT WORKS
The indicator uses a swing detection algorithm that identifies:
- Swing Highs: Points where price reaches a local peak with lower highs on both sides
- Swing Lows: Points where price reaches a local trough with higher lows on both sides

Once a swing point is confirmed, the indicator draws a rectangular zone:
- Supply zones extend below swing highs (potential resistance)
- Demand zones extend above swing lows (potential support)

USE CASES
• Identify potential reversal zones for entry/exit decisions
• Set stop-loss levels beyond supply/demand zones
• Confirm support and resistance levels with other indicators
• Plan trades around key price levels
• Analyze market structure and price action patterns

INPUTS
• Lookback Period: Number of bars to identify swing points (default: 10)
• Zone Width: Width of the supply/demand zones in bars (default: 15)
• Zone Height %: Height of zones as percentage of recent price range (default: 1.0%)
• Maximum Zones: Limits number of zones displayed per type (default: 10)
• Maximum Bars Back: Removes zones older than specified bars (default: 300)
• Visual Options: Toggle supply zones, demand zones, and swing markers
• Color Settings: Customize colors for supply and demand zones

TRADING TIPS
• Stronger zones are often found at swing points with higher volume
• Multiple touches of a zone may indicate its significance
• Zones that align with round numbers or previous highs/lows tend to be more reliable
• Consider using in conjunction with trend analysis for better results
• Fresh/untested zones often provide stronger reactions than repeatedly tested ones

NOTES
• This indicator is for educational and informational purposes only
• Past performance does not guarantee future results
• Always use proper risk management and combine with other analysis methods
• The indicator repaints slightly as it confirms swing point