RealTimeSwings.efs – EFS

RealTimeSwings.efs

File Name: RealTimeSwings.efs

Description:
This formula identifies swing points on a daily or intra-day basis. On intra-day intervals, the developing legs (last two legs) will update in real time. This type of study is also referred to as the Zig Zag. The main difference with this study is that the user can define swing points with a combination of user-defined inputs.

Formula Parameters:
Swing: # of Bars - 5
(Number must be greater than 0. Determines the number of bars to either side of the swing point that must not exceed the swing bar's max or min value).

Swing: Wave Type - % Retracement
(options are: % Retracement or % Change in Price. % Change in Price requires the price to move a minimum percentage from the previously identified swing point. % Retracement requires the price to move a minimum percentage of the distance between the 2 previously identified swing points.)

Swing: Wave Percentage - 30
(The percentage requirement for the selected wave type.)

Swing High Price Source - High
(options are: Open, High, Low, Close)

Swing Low Price Source - Low
(options are: Open, High, Low, Close)

Line Thickness - 2
Confirmed Swing Line Color - Blue
Developing Swing Line Color - Red

Confirmed Swing Line Color - Blue

Developing Swing Line Color - Red

Display Swing Labels - True

Display % Retracement Label - True

Number of Historical Labels - 100

Notes:
To replicate the more common Zig Zag study on a 30 min chart of INTC for example, enter 1 for # of Bars, select % Change in Price and 1.5 for Wave Percentage. Another combination that works well across various intra-day intervals is a # of Bars of 10 with % Change in Price and a Wave Percentage of 0. The chart image below is using the default values above.

Download File:
RealTimeSwings.efs

EFS Code:

/*****************************************************************Provided By : eSignal. (c) Copyright 2004Study:        Real Time SwingsVersion:      1.1Formula Parameters:                 Default:    * Swing: # of Bars              5        This is the minimum number of bars required to define a         swing point.  This number is for both sides of the swing         point (i.e. 5 bars on the left and right of the swing bar).    * Swing: Wave Type              % Retracement        (% Retracement, % Change in Price)    * Swing: Wave Percentage        30        The number 5 will be treated as 5.0%.  The number 0.05 will         be treated as 0.0005%.    * Swing High Price Source       High    * Swing Low Price Source        Low    * Line Thickness                2    * Confirmed Swing Line Color    Blue    * Developing Swing Line Color   Red    * Display Swing Labels          True    * Display % Retracement Label   True    * Number of Historical Labels   100Notes:1.1 3/24/2004* Added labels to display point value, % retracement, number of bars  and price level of swings.  The number of historical labels is set   to 100 for performance reasons.  Increase this number to view more  historical labels.* Added labels to display current swing's % retracement.    Description of Swing Labels:    At Swing Highs -  Points (% Retracement)                      Price (Number of Bars)    At Swing Lows -   Price (Number of Bars)                      Points (% Retracement)*****************************************************************/function preMain() {    setPriceStudy(true);    setStudyTitle("Real Time Swings ");    setShowCursorLabel(false);    setShowTitleParameters(false);        var fp1 = new FunctionParameter("nNum", FunctionParameter.NUMBER);    fp1.setName("Swing: # of Bars");    fp1.setLowerLimit(1);    fp1.setDefault(5);        var fp2a = new FunctionParameter("sWaveType", FunctionParameter.STRING);    fp2a.setName("Swing: Wave Type");    fp2a.addOption("% Retracement");    fp2a.addOption("% Change in Price");    fp2a.setDefault("% Retracement");        var fp2 = new FunctionParameter("nRet", FunctionParameter.NUMBER);    fp2.setName("Swing: Wave Percentage");    fp2.setLowerLimit(0);    fp2.setDefault(30);    var fp3 = new FunctionParameter("sHighSource", FunctionParameter.STRING);    fp3.setName("Swing High Price Source");    fp3.addOption("Open");    fp3.addOption("High");    fp3.addOption("Low");    fp3.addOption("Close");    fp3.setDefault("High");    var fp4 = new FunctionParameter("sLowSource", FunctionParameter.STRING);    fp4.setName("Swing Low Price Source");    fp4.addOption("Open");    fp4.addOption("High");    fp4.addOption("Low");    fp4.addOption("Close");    fp4.setDefault("Low");    var fp5 = new FunctionParameter("nThickness", FunctionParameter.NUMBER);    fp5.setName("Line Thickness");    fp5.setLowerLimit(1);    fp5.setDefault(2);    var fp6 = new FunctionParameter("cColor1", FunctionParameter.COLOR);    fp6.setName("Confirmed Swing Line Color");    fp6.setDefault(Color.blue);    var fp7 = new FunctionParameter("cColor2", FunctionParameter.COLOR);    fp7.setName("Developing Swing Line Color");    fp7.setDefault(Color.red);        var fp8 = new FunctionParameter("bSwingLabels", FunctionParameter.STRING);    fp8.setName("Display Swing Labels");    fp8.addOption("True");    fp8.addOption("False");    fp8.setDefault("True");        var fp9 = new FunctionParameter("bRetLabel", FunctionParameter.STRING);    fp9.setName("Display \% Retracement Label");    fp9.addOption("True");    fp9.addOption("False");    fp9.setDefault("True");        var fp10 = new FunctionParameter("nNumLabels", FunctionParameter.NUMBER);    fp10.setName("Number of Historical Labels");    fp10.setLowerLimit(1);    fp10.setDefault(100);    }var bEdit = true;       // tracks change of user inputsvar cntr = 0;           // image counter for swing linesvar bInit = false;      // initialization routine completionvar nNumBars = null;    // number of bars for defining swingsvar sWaveTypeG = null;  // wave type for confirming swingsvar nRetpcnt = null;    // percent retracement for defining swingsvar nThicknessG = null; // line thicknessvar cColorcon = null;   // confirmed swing colorvar cColordev1 = null;  // developing swing colorvar sHSource = null;    // price source for high swingsvar sLSource = null;    // price source for low swingsvar x1a = null;         // x-coordinate for point a of developing line 1var x1b = null;         // x-coordinate for point b of developing line 1var x2a = null;         // x-coordinate for point a of developing line 2var x2b = null;         // x-coordinate for point b of developing line 2var y1a = null;         // y-coordinate for point a of developing line 1var y1b = null;         // y-coordinate for point b of developing line 1var y2a = null;         // y-coordinate for point a of developing line 2var y2b = null;         // y-coordinate for point b of developing line 2var vLastSwing = null;  // tracking swing type of last confirmed swingvar nScntr = 0;         // bar counter for swing confirmationvar nLcntr = 0;         // label counter for swing labelsvar aSwingsIndex = new Array(4); // tracks current swings indexes for last 4 swingsvar aSwingsPrice = new Array(4); // tracks current swing prices for last 4 swingsvar nNumLabelsG = null; // max number of swing labelsvar bSwingLabelsG = null;  // controls swing labels displayvar vSpace = null;      // spacer for Labelsfunction main(nNum, sWaveType, nRet, sHighSource, sLowSource,               nThickness, cColor1, cColor2, bSwingLabels, bRetLabel, nNumLabels) {    var nState = getBarState();    var nIndex = getCurrentBarIndex();    var h = getValue(sHighSource);    var l = getValue(sLowSource);    var c = close();    var i = 0;    // record keeping    if (nState == BARSTATE_NEWBAR) {        if (cntr > 100) cntr = 0;        if (x1a != null) x1a -= 1;        if (x1b != null) x1b -= 1;        if (x2a != null) x2a -= 1;        if (x2b != null) x2b -= 1;        i = 0;        for (i = 0; i < 3; ++i) {            if (aSwingsIndex[i] != null) aSwingsIndex[i] -= 1;        }    }    //Initialization    if (bEdit == true) {        if (nNumBars == null) nNumBars = nNum;        if (sWaveTypeG == null) sWaveTypeG = sWaveType;        if (nRetpcnt == null) nRetpcnt = nRet/100;        if (nThicknessG == null) nThicknessG = nThickness;        if (cColorcon == null) cColorcon = cColor1;        if (cColordev1 == null) cColordev1 = cColor2;        if (sHSource == null) sHSource = sHighSource;        if (sLSource == null) sLSource = sLowSource;        if (x1a == null) x1a = 0;        if (y1a == null) y1a = c;        if (nNumLabelsG == null) nNumLabelsG = nNumLabels;        if (bSwingLabelsG == null) bSwingLabelsG = bSwingLabels;        nLcntr = nNumLabels;        // Initialize vSpace        var OM = (close() * 0.005); //offset multiplier        var sInterval = getInterval();        if (sInterval == "D") OM = OM*3;        if (sInterval == "W") OM = OM*20;        if (sInterval == "M") OM = OM*30;        var TimeFrame = parseInt(sInterval);        if (TimeFrame >= 1 && TimeFrame <= 5) {            OM = OM*(TimeFrame/15);        } else if (TimeFrame > 5 && TimeFrame <= 15) {            OM = OM*(TimeFrame/10);        }else if (TimeFrame > 15) {            OM = OM*(TimeFrame/5);        }        if (!isNaN(TimeFrame)) OM = (OM/TimeFrame)*3;        vSpace = OM;        bEdit = false;    }    if (bInit == false) {        bInit = Init(h,l,c);    }    // Swings    if (nState == BARSTATE_NEWBAR) {        nScntr += 1;        // confirmed Swings        if (nScntr > nNumBars) {            confirmSwings();            if (bInit == true) {                doLine("dev1");                doLine("dev2");            }        }    }        checkSwings(h, l);    if (bInit == true) {        doLine("dev1");        doLine("dev2");    }    // % Retracement Label    var nWaveRet = (Math.abs(y2a-y2b) / Math.abs(y1b-y1a))*100;    if (x1b == x2b) nWaveRet = 0.0;    if (bRetLabel == "True") {        var sWaveRetText = " \%Retraced: " + nWaveRet.toFixed(2) + " ";        drawTextRelative(2, y2b, sWaveRetText, cColordev1, null,            Text.BOLD|Text.LEFT|Text.VCENTER|Text.FRAME, "Arial", 10, "Ret");    }    return;}/******  Functions *****//***********************/function Init(h,l,c) {    if (close(-(nNumBars*2)) == null) {        return false;    } else {        // Find initial line.        // The initial line will be the first high or low swing,        // which has the greater difference of the swing point to        // the close of the first bar.        var Index = getCurrentBarIndex()        var hIndex = Index;        var lIndex = Index;        var j = nNumBars*2;        var aHigh = getValue(sHSource, 0, -j);        var aLow = getValue(sLSource, 0, -j);        var vHH = aHigh[0];        var vLL = aLow[0];        var tempIndex = Index;        var i = 0;        for (i = 0; i < j; ++i) {            if (aHigh[i] > vHH) {                vHH = aHigh[i];                hIndex = tempIndex;            }            if (aLow[i] < vLL) {                vLL = aLow[i];                lIndex = tempIndex;            }            tempIndex -= 1;        }        if (vHH - y1a > y1a - vLL) {            vLastSwing = "L";            x1b = hIndex - Index;            y1b = vHH;            doLine("dev1");            x2a = x1b;            y2a = vHH;            x2b = 0;            y2b = c;            doLine("dev2");        } else {            vLastSwing = "H";            x1b = lIndex - Index;            y1b = vLL;            doLine("dev1");            x2a = x1b;            y2a = vLL;            x2b = 0;            y2b = c;            doLine("dev2");        }            }        if (vLastSwing != null) {        return true;    } else {        return false;    }}function doLine(sType) {    //confirmed    if (sType == "con") {        cntr += 1;        drawLineRelative(x1a, y1a, x1b, y1b, PS_SOLID,             nThicknessG, cColorcon, sType+cntr);        //Swing Labels        if (bSwingLabelsG == "True") doSwingLabels(sType);        x1a = x2a;        y1a = y2a;        x1b = x2b;        y1b = y2b;        x2a = x1b;        y2a = y1b;        aSwingsIndex.pop();        aSwingsIndex.unshift(x1b);        aSwingsPrice.pop();        aSwingsPrice.unshift(y1b);        if (vLastSwing == "H") y2b = getValue(sHSource);        if (vLastSwing == "L") y2b = getValue(sLSource);    }    // dev1    if (sType == "dev1") {        drawLineRelative(x1a, y1a, x1b, y1b, PS_SOLID,             nThicknessG, cColordev1, sType);        aSwingsIndex[0] = x1b;        aSwingsPrice[0] = y1b;        //Swing Labels        if (bSwingLabelsG == "True") doSwingLabels(sType);    }        // dev2        if (sType == "dev2") {        if (x2a != 0 && x2a != x2b) {            if ( (vLastSwing == "H" && sHSource == "Close") || (vLastSwing == "L" && sLSource == "Close") ) {                x2b = 0;                y2b = close();            }            drawLineRelative(x2a, y2a, x2b, y2b, PS_SOLID,                 nThicknessG, cColordev1, sType);        } else {            removeLine(sType);        }    }        return;}function doSwingLabels(sType) {    var sTagNamePts = "SwingPtsDev";    var sTagNameRet = "SwingRetDev";    var sTagNamePr = "SwingPrDev";    var sTagNameBars = "SwingBarsDev";    var nWaveRet = ((Math.abs(aSwingsPrice[1]-aSwingsPrice[0]) / Math.abs(aSwingsPrice[1]-aSwingsPrice[2])) * 100);    var nBars = (aSwingsIndex[0] - aSwingsIndex[1]);        if (sType == "con") {        //nWaveRet = (Math.abs(y2a-y2b) / Math.abs(y1b-y1a));        nLcntr += 1;        if (nLcntr > nNumLabelsG) nLcntr = 1;        sTagNamePts = "SwingPts"+sType+nLcntr;        sTagNameRet = "SwingRet"+sType+nLcntr;        sTagNamePr = "SwingPr"+sType+nLcntr;        sTagNameBars = "SwingBars"+sType+nLcntr;    }        var pts = (y1b-y1a).toFixed(2);    if (y1a < y1b) { // swing high        drawTextRelative(x1b, y1b+vSpace, pts + " ", eval("cColor"+sType), null,             Text.BOTTOM|Text.RIGHT, "Arial", 10, sTagNamePts); // Points        if (!isNaN(nWaveRet)) {            drawTextRelative(x1b, y1b+vSpace, "| ("+nWaveRet.toFixed(2)+"\%)", eval("cColor"+sType), null,                 Text.BOTTOM|Text.LEFT, "Arial", 10, sTagNameRet); // % Retracement        }        drawTextRelative(x1b, y1b+vSpace, y1b.toFixed(2) + " ", eval("cColor"+sType), null,            Text.TOP|Text.RIGHT, "Arial", 10, sTagNamePr); // Price        if (!isNaN(nBars)) {            drawTextRelative(x1b, y1b+vSpace, "| ("+nBars+" Bars)", eval("cColor"+sType), null,                Text.TOP|Text.LEFT, "Arial", 10, sTagNameBars); // Number of Bars        }    } else { // swing low        drawTextRelative(x1b, y1b-vSpace, pts + " ", eval("cColor"+sType), null,             Text.TOP|Text.RIGHT, "Arial", 10, sTagNamePts); // Points        if (!isNaN(nWaveRet)) {            drawTextRelative(x1b, y1b-vSpace, "| ("+nWaveRet.toFixed(2)+"\%)", eval("cColor"+sType), null,                 Text.TOP|Text.LEFT, "Arial", 10, sTagNameRet); // % Retracement        }        drawTextRelative(x1b, y1b-vSpace, y1b.toFixed(2) + " ", eval("cColor"+sType), null,            Text.BOTTOM|Text.RIGHT, "Arial", 10, sTagNamePr); // Price        if (!isNaN(nBars)) {            drawTextRelative(x1b, y1b-vSpace, "| ("+nBars+" Bars)", eval("cColor"+sType), null,                Text.BOTTOM|Text.LEFT, "Arial", 10, sTagNameBars); // Number of Bars        }    }    return;}function confirmSwings() {    if (x1b != x2b) {   // underdeveloped dev1 line        if (sWaveTypeG == "% Retracement") {            var nWave = (Math.abs(y2a-y2b) / Math.abs(y1b-y1a));        } else {            var nWave = (Math.abs(y2a-y2b) / y1b);        }        if (vLastSwing == "L" && nWave >= nRetpcnt ) {            // Swing High            nScntr = 0;            vLastSwing = "H";            doLine("con");        } else if (vLastSwing == "H" && nWave >= nRetpcnt ) {            // Swing Low            nScntr = 0;            vLastSwing = "L";            doLine("con");        }    }        return;}function checkSwings(h, l) {    // dev1    if (vLastSwing == "L") {         // find Swing High        if (h >= y1b) {  // higher high, no swing            nScntr = 0;            x1b = 0;            y1b = h;            doLine("dev1");            x2a = 0;            y2a = h;        }    } else if (vLastSwing == "H") {  // find Swing Low        if (l <= y1b) {  // Lower low, no swing            nScntr = 0;            x1b = 0;            y1b = l;            doLine("dev1");            x2a = 0;            y2a = l;        }    }    // dev2    if (nScntr == 0) {        x2b = 0;        if (vLastSwing == "H") y2b = h;        if (vLastSwing == "L") y2b = l;    } else {        if (vLastSwing == "H" && h >= y2b) {            y2b = h; x2b = 0;        } else if (vLastSwing == "L" && l <= y2b) {            y2b = l; x2b = 0;        }    }    return;}