Trend following Indicator
Swing charts plot a line on the chart, following the current trend until it is broken and then switching to follow the new trend.
When the candle makes a Higher High, the swing chart line will now begin plotting an upwards-sloping line. This line will continue following the up-trend until such time that the candle breaks the up trend by forming a Lower Low, the swing chart will now begin to follow the downtrend and plot a downward sloping line.
As the swing chart is a trend following indicator it is not used to predict prices. It is simply a guide as to the current direction of the trend over the past days. This can be helpful in keeping you with the trend rather than trading against the trend.
Sharechart Default: 1 period
Note: If you select 1 period then it would take one Lower Low to swing down or one Higher High to swing up.
If you select 2 periods then it would take 2 Consecutive Lower Lows to swing down or 2 Consecutive Higher Highs to swing up. And so forth.
To change setting, go to Settings>Indicators>Swing Chart. The above chart had the following setting:
