OPEN-SOURCE SCRIPT
Swing Failure Zones and Signals [AlgoAlpha]
Elevate your trading strategy with the Swing Failure Zones and Signals indicator by AlgoAlpha! This powerful tool helps you identify potential swing failure zones, offering clear bullish and bearish signals to guide your trading decisions. 📈💡
Quick Guide to Using the Swing Failure Zones and Signals Indicator
How it works
The indicator calculates the direction and length of each candle to identify swing failure points by comparing current high and low prices with those from the lookback period. A bullish swing failure is detected when the current low is lower than the previous low and the close is higher than the previous high, while a bearish swing failure occurs when the current high is higher than the previous high and the close is lower than the previous low. Upon detection, the script creates zones on the chart to indicate these failure points and manages them by removing invalidated zones based on the user's settings. Visual signals are plotted on the chart as arrows, and alerts are set for these conditions to help traders capture potential entry opportunities efficiently.
Enhance your trading edge with this robust tool designed to spotlight critical swing failure points in the market! 💪📈
- 🎨 Bullish/Bearish Color Customization: Easily set the colors for bullish and bearish signals to match your chart preferences.
- 🧹 Mitigated Zone Removal: Option to remove mitigated zones from the chart for a cleaner view.
- 🔍 Range High/Low Lookback: Adjustable lookback period for determining significant highs and lows.
- 🖌 Dynamic Zone Creation: Automatically draws zones based on swing failure criteria.
- 🔔 Alert Conditions: Set alerts for both bullish and bearish swing failure conditions to stay informed without constant monitoring.
Quick Guide to Using the Swing Failure Zones and Signals Indicator
- 🛠 Add the Indicator: Search for "Swing Failure Zones and Signals [AlgoAlpha]" in TradingView's Indicators & Strategies. Customize settings like lookback period, colors, and zone removal options to fit your trading style.
- 📊 Market Analysis: Watch for the appearance of the zones and the directional arrows for potential reversal signals. Use these signals to identify key market entries and exits.
- 🔔 Alerts: Enable alerts for bullish and bearish swing failure conditions to capture trading opportunities without constant chart monitoring.
How it works
The indicator calculates the direction and length of each candle to identify swing failure points by comparing current high and low prices with those from the lookback period. A bullish swing failure is detected when the current low is lower than the previous low and the close is higher than the previous high, while a bearish swing failure occurs when the current high is higher than the previous high and the close is lower than the previous low. Upon detection, the script creates zones on the chart to indicate these failure points and manages them by removing invalidated zones based on the user's settings. Visual signals are plotted on the chart as arrows, and alerts are set for these conditions to help traders capture potential entry opportunities efficiently.
Enhance your trading edge with this robust tool designed to spotlight critical swing failure points in the market! 💪📈
🔶50% OFF CODE FOR ALL PLANS: 'FIVETHOUSAND50' 🔶(ends Sep 13)
🚨Get premium: algoalpha.io
🛜Get FREE signals: discord.gg/xCmqTVRexz
❓Do you have feedback or indicator ideas? Join our server to tell us about it!
🚨Get premium: algoalpha.io
🛜Get FREE signals: discord.gg/xCmqTVRexz
❓Do you have feedback or indicator ideas? Join our server to tell us about it!
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.