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Swing Index Indicator

by The trader, 3504 days ago
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The swing index uses the current and past prices to determine the market direction and change in direction. It gives a numerical value that is between +100 and -100. This indicator is primarily used in the commodity and Forex markets, but it can also be applied to stocks.

The formula includes a variable known as 'value of a limit move', which is used to define the correct limit move for the commodity you are analyzing. This variable is the unique parameter of the 'swing index' function.
The value could be set as follows:
T-Bonds: 3$
Gold: 0.1$
Coffee: 0.06$
Heating oil: 0.04$
Hogs: 0.015$
Soybeans: 0.30$
The above values need to be adjusted based on the position of the decimal in your quotes data.

The 'value of a limit move' can also be defined as 'the maximum price changing during trade session' and thus can be calculated dynamically as the moving average of the difference between high and low prices for the last X bars.

The swing signal could be interpreted as follows: when the signal crosses below 0, it indicates a fall in the security market price. Conversely, when the swing index signal crosses above 0, it indicates a rise in the security market price.

The swing index is mainly used as a part of the Accumulation Swing Index.


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Type: Trading Indicator

Object ID: 179


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Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.