Swing Teller indicator

v10.3
Swing Teller indicator

This indicator is a part of a swing strategy described as follows by users in the forum:

Swing +1 starts when a candle closes higher then the 3 candles before.  And the swing -1 starts when the candle closes lower then 3 candles before. When a Fully swing has appeared (Swing 1 -> 9) it stops counting because the 10th candle is called the resting candle. If the 11th candle also closes higher then the 3 candles before the swing starts again at swing 1 (in green colour and red for -1). Also if a swing doesn’t succeed in reaching number 9, the swing has failed and an “F” letter appear above or below the candlestick.

The main purpose of this indicator is to signal a reversal. When a full swing +9 or -9 has appeared the chances of an upcoming bottom or a top increases a lot. A fully upswing +9 combined with a red 10th candle suggest to exit your long position. Its the same for a downswing -9 combined with a 10th green candle means exit your short position.

This swing counter indicator has been coded by request in the English forum. The 1 to 9 numbers distance form high or low of candlestick can be modified with the “CountDistance” setting.

The complete discussion can be found here: https://www.prorealcode.com/topic/rewrite-code-to-prorealtime-code/

 

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ProRealTime ITF files and other attachments : How to import ITF files into ProRealTime platform?

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  1. JohnVS • 04/07/2017 #

    Hey Nicolas,
    Absolutly brilliant work. Thanks very much for your work, time and patience
    Its exactly what i was looking for and even the “F” feature is better then in the original 🙂
    rgds
    John

  2. JohnVS • 04/07/2017 #

    hi nicolas,
    I have a a question regarding the countdistance.
    Since the stock have a wide range of price sometimes is quite far away or very close to the candlestick. Would it possible to change it a little to making it depending on the price the number comes under or above say 1% of the price. It will keep the number in a fixed place.
    If you can make it a variable everyone can change it to ones liking.
    Hope you know what i mean
    rgds
    John
     

  3. JohnVS • 04/07/2017 #

     Hi Nicolas,
    There is a little problem in the swingcounter on the week charts.
    When the weeks are not complete as in being 5 days the counter plots 2 numbers on 1 bar as you can see on the picture included. Hope you can take a look at it.
    rgds
    John

    • Nicolas • 04/07/2017 #

      It’s a platform related problem currently being investigated. 

  4. JohnVS • 04/07/2017 #

    okay thanks,
    Hopefully u had a chance to check the other question too?
    Since the stock have a wide range of price sometimes is quite far away or very close to the candlestick. Would it possible to change it a little to making it depending on the price the number comes under or above say 1% of the price. It will keep the number in a fixed place.
    If you can make it a variable everyone can change it to ones liking.
    regds
    John

    • Nicolas • 04/07/2017 #

      I’m pretty sure you can do it yourself John! Please don’t be shy 🙂

  5. century • 04/07/2017 #

    thanks for this work , quite interesting
    but i would like the same thing as JohnVS , 😉

  6. platypus • 04/07/2017 #

    Bonjour Nicolas,
    Merci pour cet indicateur. Juste une question : les chiffres “upcount” en vert ne ressortent pas sur le graphique. Est-il possible de les mettre en noir ou en bleu foncé et comment procéder ?
    Merci par avance pour votre réponse.

    • Nicolas • 04/07/2017 #

      Il faut simplement changer les codes RVB de toutes les instructions “Coloured”. Il y a des exemples dans la documentation du site :https://www.prorealcode.com/documentation/coloured/

    • platypus • 04/07/2017 #

      Bonjour Nicolas,
      Merci pour votre réponse. Grace à celle-ci, le désagrément a été rectifié. Reste à bien utiliser votre indicateur.
      Encore merci. Cdlt

  7. swapping • 04/07/2017 #

    Wonderfull script, thank all’s

  8. ricksportel • 04/07/2017 #

    @JohnVS

    So how are things working out with this indicator 9 months later? Did it help you a lot?

    I just got familiar with the Swingteller by watching some great videos featuring Nico Bakker. I also just added the indicator to ProRealtime to check it out. I see a lot more ‘F’s compared to ‘9’s, so I am really curious to know how exactly you use it.

    By the way, I managed to make CountDistance percentage based. Checkout the attached code.

  9. ricksportel • 04/07/2017 #

    //PRC_swing teller live count2 | indicator
    //version with rounded numbers and below/above each candle
    //07.04.2017
    //Nicolas @ http://www.prorealcode.com
    //Sharing ProRealTime knowledge
    //https://www.prorealcode.com/topic/rewrite-code-to-prorealtime-code/

    // — settings
    CountDistance=1.01
    // — end of settings

    Lb=4

    //continue swing Up
    if UpCount>0 and Close>Close[Lb] then
    DownCount=0
    UpCount=UpCount+1

    //draw count
    if UpCount=2 then
    drawtext(“2”,barindex,low-(low*CountDistance-low),Dialog,Standard,12) coloured(0,200,0)
    elsif UpCount=3 then
    drawtext(“3”,barindex,low-(low*CountDistance-low),Dialog,Standard,12) coloured(0,200,0)
    elsif UpCount=4 then
    drawtext(“4”,barindex,low-(low*CountDistance-low),Dialog,Standard,12) coloured(0,200,0)
    elsif UpCount=5 then
    drawtext(“5”,barindex,low-(low*CountDistance-low),Dialog,Standard,12) coloured(0,200,0)
    elsif UpCount=6 then
    drawtext(“6”,barindex,low-(low*CountDistance-low),Dialog,Standard,12) coloured(0,200,0)
    elsif UpCount=7 then
    drawtext(“7”,barindex,low-(low*CountDistance-low),Dialog,Standard,12) coloured(0,200,0)
    elsif UpCount=8 then
    drawtext(“8”,barindex,low-(low*CountDistance-low),Dialog,Standard,12) coloured(0,200,0)
    elsif UpCount=9 then
    drawtext(“9”,barindex,low-(low*CountDistance-low),Dialog,Standard,12) coloured(0,200,0)
    last9bar=barindex
    //reset count
    UpCount=0
    endif
    //up swing fail
    elsif UpCount>0 and Close0 and Close0 and Close>Close[Lb] then
    //draw fail count
    drawtext(“F”,barindex,high+(high*CountDistance-high),Dialog,Standard,12) coloured(200,0,0)
    //reset count
    DownCount=0
    endif

    //begin swing Up
    if UpCount=0 and barindex-last9bar>1 then
    r = close[Lb]
    if close>r then
    UpCount=1
    DownCount=0
    //draw count
    drawtext(“1”,barindex,low-(low*CountDistance-low),Dialog,Standard,12) coloured(0,200,0)
    endif
    endif

    //begin swing Down
    if DownCount=0 and barindex-last9bar>1 then
    r = close[Lb]
    if close<r then
    DownCount=1
    UpCount=0
    //draw count
    drawtext("1",barindex,high+(high*CountDistance-high),Dialog,Standard,12) coloured(200,0,0)
    endif
    endif

    return

  10. Edward Small • 04/07/2017 #

    The F markers are nice but many seem to fail and not signal a reversal. But my main concern is the 9 limit seem to be fixed for the time frame used which can change the dynamic of price movement so whole that seems to me to be a lot of guess work. 9? why not 6 or 10 or 14. Your chart is a daily I see that ok perhaps 9 is good on a daily but what about an hourly or 30 min.

  11. Regan2020 • 04/07/2017 #

    Hi, has anybody update the above code to enable on a 15m or 5m TF?

  12. gigi64 • 04/07/2017 #

    ik heb de code op mijn pro realtime gezet , en bij indicator staat hij erbij maar komt niet op mijn daggrafiek ook niet op 15 of 1 uur grafiek wat doe ik verkeerd

  13. gigi64 • 04/07/2017 #

    I have put the code on my pro realtime, and it is on the indicator, but it does not appear on my daily graph nor on 15 or 1 hour graph what am I doing wrong

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