The Swing Point indicator is an useful indicator for trading price breakouts. Alternately, it is also used by traders to determining market turning points, and for placing stop-losses.
A swing point is a candle high or a candle low which is surrounded by lower High on either side, or a lower Low on either side. When the recent swing low crosses above the recent swing high by a distance of REVERSE_POINT points, or a recent swing high crosses below the recent swing low by a distance of REVERSE_POINT points, the indicator defines it as a decision point and marks it on the chart.
Traders prefer to place stop-losses below Swing Points for buy positions, and above Swing Points for sell positions.
BUY - Enter BUY trade when price closes above the most recent Swing Point. Place stop-loss below the nearest Swing Point which is below the current price.
SELL - Enter SELL trade when price closes below the most recent Swing Point. Place stop-loss above the nearest Swing Point which is above the current price.13. Swing_Point.jpg13. Swing_Point.zip