Swing High/Swing Low

Swing High/Swing Low shows levels where market recently turned up, producing a new swing low (red dots) or turned down, leaving a new swing high (green dots).

This indicator finds market turns based on at least 3 candles.

To detect a swing low, this indicator is looking for two candles with lower highs and lower lows. Then, if the third or any subsequent candle closes above the high of the first candle, market has turned up producing a swing low.

Similarly, to detect a swing high, the indicator is looking for two candles with higher highs and higher lows. Then, if the third or any subsequent candle closes below the low of the first candle, market has turned down producing a swing high.

Additionally, if there are inside candles after first candle, those are skipped and and overall pattern is analyzed without them.