Updated: May 29
An indicator that highlights the trend for price action traders. I wrote this years ago and, at one point, published an older version to the Ninjatrader file share. Not long after, I saw them as part of a pay-walled indicator pack.
Color the bars based on Bull or Bear action and tracks HH, LL, DB, and DT. The custom parameters are shown below.
Turn the bar coloring on or off
Set alerts for bull/bear switch
Strength, how many bars are we basing the swing on?
Offset, how high or low above the price should the labels be drawn
Double Top and Bottom Tolerance, how close must these be to being tagged as such
Lookback, this is a standard input for the Swing Indicator on which this is based.
Note on using the swing indicator from NinjaTrader Help
The Swing indicator will plot lines that represent the swing points based on the strength (number of bars to the left and right of the swing point) parameter provided, it's mostly a visual tool and not meant to be predictive in nature. Only after the strength number of bars has passed since the extreme point, the swing return value could be definitely set, thus the indicator updates it's calculations as new incoming data warrants so.