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Accumulation Swing Index (To measure long term trends)
Summary:
This indicator script is used to measure long term trends.
Calculation:
The cumulative total of the swing index, which attempts to show the real price of the underlying symbol.
Developer:
J. Welles Wilder, jr.
Interpretation:
1. Upwards Trend: When the indicator script is moving upwards, the underlying symbol is in an upwards trend.
2. Downwards Trend: When the indicator script is moving downwards, the underlying symbol is in a downwards trend.
3. Upwards Momentum: When the indicator script is positive and moving upwards, the underlying symbol has upwards momentum and is likely to continue moving upwards.
4. Downwards Momentum: When the indicator script is negative and moving downwards, the underlying symbol has downwards momentum and is likely to continue moving downwards.
5. Positive Divergence: When the underlying symbol is moving downwards, but the indicator script is moving upwards, the underlying symbol is likely to reverse direction and move upwards.
6. Negative Divergence: When the underlying symbol is moving upwards, but the indicator script is moving downwards, the underlying symbol is likely to reverse direction and move downwards.
To get the chart copy this and paste in edit formula .
LC=Ref(CLOSE, 14);
AA=Absolute(HIGH-LC);
BB=Absolute(LOW-LC);
CC=Absolute(HIGH-REF(LOW,1));
DD=Absolute(LC-REF(OPEN,1));
R=Iff(AA>BB and AA>CC, AA+BB/2+DD/4, Iff(BB>CC and BB>AA,BB+AA/2+DD/4,CC+DD/4));
X=(CLOSE-LC+(CLOSE-OPEN)/2+LC-Ref(OPEN,1));
SI=16*X/R*MAX(AA,BB);
plot(SI, "");
