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Hi all,
I have been attempting to write an algorithm for Metastock (ver 6.5) to
display a swing chart indicator.
Have had moderate success in that the swing chart will track the high as
we make higher highs and higher lows, track the low as we make lower
highs and lower lows and track the previous value (ie ignore) if we have
an inside day.
However, I am having great difficulty in figuring out what to do with
outside days. At the moment I work on the basis that for a white candle,
I plot the low (on the assumption the next day will be higher) and on a
black candle I plot the high ( assume next day will be lower).
Does anyone know if there is a formal definition of how to construct a
swing chart, particularly in regards to the treatment of inside days
and outside days keeping in mind that there may be several of these that
occur consecutively.
If so I would appreciate you steering me in the right direction.
Best regards and thank you for the forum.
Martin from down under
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