Swing Trading Indicator (STI)

The Swing Trading Indicator (STI) is designed to calculate the last swing point that occurred on or before each bar.

A swingpoint is defined as a local high or low for a certain minimum number of bars. You can define this minimum number through parameter, standard is set to 5 bars.

Note the special treatment on outside swing bars (a bar that has both a swing high and a swing low). Without having lower timeframe data, it is not possible to determine the sequence of the high and low. Therefore the following logic is applied:
a) if the outside swing bar has a red candle (close lower than open), the STI will be the 'high' swing level
b) if the outside swing bar has a green candle (close higher than open), the STI will take the 'low' swing level
c) if the close of the outside swing bar is equal to the open, then this bar will be ignored and the swing level of the previous bar will be returned.

For better visibility you should e.g. set the plot parameter 'chart type' to 'ChartPoint' and 'style' to 'StyleSymbolHdash'

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