// Draw swing Lines based on SMA // Each swing line must cross SMA // --------------------------------------------------- // Input: // sma(Number): Default 50; // showSMA: Default 'true'; if showSMA ='false', do not show SMA line; // Deviation(%): Default "1"; To draw a new swing line, Price must cross SMA more than (n% of SMA) // In weekly chart, better use "2" or more to avoid small ZigZag; // --------------------------------------------------- // This swing Lines could be used: // 1. Verify reversal pattern, such as, double tops; // 2. Help to draw accurate trend line, avoid noice; Set showSMA=false, to see trend line clearly; // 3. Use two of this study together with different SMA, Set showSMA=false, // Such as, SMA20 and SMA200, to see small waves in bigger wave
// --------------------------------------------------- // In this sample Chart -- AMD 1h (Feb to Jun 2020)
// Added this study with SMA(50),
// Hide price chart and SMA line, to show the Swing line only,
// I drew some sample trend lines, and identified one Double top;
Sürüm Notları
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Add SMA 200 to help verify trend. when SMA50>SMA200, it is uptrend.
Sürüm Notları
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Add SMA200 to show SMA50/200 relation for trend direction.
This tool helped me to drew the trend line and pickup the high probability trending direction before the price action pattern break out.
Sample trade: long WYNN yesterday, It was wedge consolidation, pending for break out. Today, the upper line had been broken out by $7.00;
Sample trade: long WYNN yesterday, It was wedge consolidation, pending for break out. Today, the upper line had been broken out by $7.00;