Jimmy wrote: Wed Oct 23, 2024 7:25 pm Professional Swing indicator with Alerts

Here you go, added the ability to adjust the widths of the histogram.

Thanks to John for posting the open source code version as well. In reply to boytoy's question, having a look at the code I'll describe what it's based on below.

What is the Professional Swing Indicator for MT4?

The Professional Swing indicator is used for analyzing price action based on High and Low values over a specific period.

The main calculation involves averaging the High and Low prices over the last five bars. This average (referred to as Main within the code) is used to determine how far the current high or low is from this average, scaled by a measure of volatility (Minr in the code).

The Minr variable is calculated as a fraction of the average price range over the last five bars. This can be interpreted as a measure of "market volatility". By observing the indicator, it scales the distance of the current High or Low from this average based on this volatility.

Uses

This indicator attempts to identify potential scalping entry and exit points by visualizing momentum and volatility in the market.

The dots above the Histogram indicate potential buy and sell signals based on threshold conditions for the calculated buffers whereas the Histogram (although colored in reverse by default) can be used as an overall picture of the market.

You can use this to scalp on all timeframes.