Description
The indicator displays the recent swing lows and highs on your MT4 chart.
The Swing Point Highs and Lows Indicator is an MT4 indicator that tells you about recent swings. By applying the indicator, you can go long or short easily.
The indicator comes with major/minor swing colors along with their sizes and a moving average. In addition, whenever there is a change in trend, the indicator draws a major and a minor circle.
The moving average act as a cautionary guide to confirm the swing lows/highs. Therefore, whenever a trend changes its course, you can have the opportunity to trade accordingly.
How to trade with the Swing Point Highs and Lows Indicator?
As mentioned earlier, swing point highs and lows give you an overall picture of recent price swing lows and highs. It is easiest to follow as it tells you exactly at what time to enter long or short.
The EMA that comes with the indicator act as a signal confirmation. This is really helpful when there is high market volatility, as it filters out the unnecessary market noise.
Let’s find out the buy and sell strategy for the indicator:
Swing Point Highs and Lows Indicator buy strategy
- Locate the recent swing low circle.
- Wait for the trend to continue its path.
- Enter the long trade at the candlestick where the swing low circle pops up, or enter at the next candle for a conservative approach.
- Put stop-loss below the recent swing low.
- Point the take-profit at the next swing high.
Swing Point Highs and Lows Indicator sell strategy
- Locate the recent swing high circle.
- Wait for the trend to continue its path.
- Enter the short trade at the candlestick where the swing low circle pops up, or enter at the next candle for a conservative approach.
- Put stop-loss above the recent swing high.
- Point the take-profit at the next swing low.
Conclusion
You can apply this indicator on any timeframe. The 55-period EMA will help you declutter the market noise. As there is no holy-grail system, the possibility of loss does exist with the indicator.
You can combine the indicator with oscillators like the RSI or Stochastics for further confirmation of the signals.
INDICATOR SETTINGS
MajorSwingColor: Displays the color of the major swing circle.
MajorSwingSize: Default value is 3. It depicts the size of a major swing circle.
PeriodsInMajorSwing: Default value is 13. It tells you about the period of major swing.
MinorSwingColor: Displays the color of the minor swing circle.
MinorSwingSize: Default value is 1. It mentions the size of a minor swing circle.
PeriodsInMinorSwing: Default value is 5. It tells about the period of a minor swing circle.
MovingAvergaeMethod: Exponential. It draws an exponential moving average.
MovingAveragePeriods: Default value is 55. It draws the period of an EMA.
MovingAverageColor: Displays the color of EMA.
fiftyPercentLineColor: Displays the color of the 55-period moving average.
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