Swing Index Indicator for MT4 Download – Free – [TradingFinder]

The Swing Index Indicator is designed to assess the strength of price fluctuations and determine the direction of the market trend.

This trading tool uses a composite formula that incorporates open, closed, high, andlow prices to calculate the actual change in price as a numericalindex. Market trend changes are displayed as colored histograms.

Swing Index Oscillator Specifications Table

The following table shows the specifications of the Swing Index Indicator.

Uptrend Condition

According to the 30-minute chart of AUD/USD, the appearance of increasing green histogram bars above the dashed line indicates the formation of bullish momentum. This movement, coinciding with a price reversal, confirms an uptrend in the market.

Downtrend Condition

Based on the 1-hour Dogecoin (DOGE) chart, the formation of strong red histogram bars suggests a potential trend reversal. In such scenarios, histogram bars crossing below the dashed line may signal an opportunity to enter short positions.

Swing Index Indicator Settings

The settings for the Swing Index Indicator are as follows:

• Calculation Period: Period for index calculations
• Signal Line: Signal line configuration
• Mode High/Low: Calculation mode based on the high and low prices
• Alerts ON: Enable alert notifications
• Alert Sound ON: Enable sound alerts
• Alert Email ON: Enable email alerts
• Lookback: Number of candles analyzed in historical data

Conclusion

The Swing Index Oscillator accurately measures price fluctuations, helping traders determine market direction and trend strength.

By using this indicator, traders can identify more optimal entry and exitpoints and reduce their trading risk. Additionally, this oscillator is often used in technical analysis alongside other tools such as moving averages, various types of MACD indicators, and BollingerBands.