Time installing the indicator: Just a few minutes with our MetaTrader Pro setup
What does it do?
The Analytic Trading Swing Levels indicator simply shows where price highs and lows are first tested and rejected. It joins the previous high/low with a grey dotted line and then extends a white line from the top of the re-test bar.
What is it for?
The idea it to highlight the extremes of price movements and try to find the best risk to reward ratio trade setups at potential swing reversal points.
How do we use it?
We use the white lines to look for entry and exit levels. However, we use these levels slightly differently that the red and green lines produced by the Breakouts indicator – we look for a closed bar on either side of them for confirmation or rejection that the new high/low level will be breached in the short-term.
The more higher timeframes that the swing level occurs on the more interesting the level will be to is in making our trading entry and exit decisions.
Credit goes to Trader Dante for first introducing them to us and their significance, and we recommend attending Tom’s trading room to further understand how to use them in your trading.
Do have a look at how they work historically on various instruments before including them in your trading strategy.
Swing Levels specific settings
In most cases these settings can be left on the default values, although users with different strategies or preferences to our own may want to be able to adjust them.
|Variable||Default Value||Possible Values||Description|
|BackBars||1000||integer||You can use any integer but please note that values over 1000 will slow down the loading of your charts so only do this for backtesting analysis.|
|LevelColor||White||any colour name or RGB value||The colour of the solid line used to show the new high/low levels.|
|MaxLines||3||integer||The number of lines to show above and below the current price for everyday use when the historic levels are not set to show.|
|ShowHistory||false||true/false||The switch to show all historical levels for backtesting the indicator performance on various timeframes.|
|ShowPreviousHighLow||true||true/false||The switch to show the historical swing levels tested and rejected.|