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Swing Chart
Among the single-handful of tech analysis indicators I've come to value in seeking
out potentially profitable trades is the good old swing chart. This is not present in the standard MetaStock 6.5 armoury (at least my edition of it)but Equis derived the following formula to me some time ago for the daily swing.

Swing Chart

If( High > Ref(High,-1) AND
Low > Ref(Low,-1), High, If( High < Ref(High,-1) AND
Low < Ref(Low,-1), Low, PREV))


Simple really! It certainly doesn't show up as a nice rectangular pattern, but you get used to reading it just as fluently for just as correct interpretation. This formula is easily adapted for any other time period by using Highest High Value and such-like functions instead of the Ref function. Though with a little more tooling, it is also readily adaptable to price swing charting rather than time swings.
Source / From: TOP

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