Introduction to the Last Man Standing Swing Point Highs and Lows Indicator
Trading with the trend can be based on the nature and direction of the price action of the swing points. It can also be based on technical indicators, like moving averages. This indicator combines these two concepts into one indicator, allowing traders to view a complete picture of the trend through one indicator.
What is the Last Man Standing Swing Point Highs and Lows Indicator?
The Last Man Standing on the swing highs and lows indicator is a custom technical indicator that can identify two sets of swing highs and lows. Identify important swing highs and lows, and draw a purple dot to mark the main swing point. It also identifies small swing points and draws blue dots that mark the secondary oscillation points. The indicator also draws a moving average, which is preset to the medium-term exponential moving average (EMA).
How is the Last Man Standing Swing Point Highs and Lows Indicator Works?
Although the indicator does not use basic technical indicators to determine its swing highs and lows, it shares the same concept as the ZigZag indicator to determine swing highs and lows. Whenever the price reverses the current momentum by a percentage of height or depth greater than a preset variable, draw a point at the determined swing point. Your moving average is the basic moving average overlaid on the price chart, and it can also be modified.
How to use the Last Man Standing Swing Point Highs and Lows Indicator for MT4
You can modify the three main variable sets in the settings to adjust the indicators, major swing options, minor swing options, and moving average options. Primary and secondary swing points refer to the height or depth that will be considered as swing points.
The Period of the major and minor swing points refers to the number of bars that will be used as a filter and basis to identify oscillations. “Moving average method” refers to the type of moving average used, and Periodical Moving Average” refers to the number of periods used by the moving average indicator
Traders can use this indicator as a basis for Forex trading using trend-following strategies. Traders only need to identify trends based on the direction of moving averages and points. Then they can trade based on the occurrence of points that match the trend direction.
The moving average line should move up, while the dots consistently rise. Open a buy order when a dot appears below the price action. Set the stop loss below the swing low.
Set the take profit target on the next major swing high level.
The moving average line should move down, while the dots consistently drop. Open a sell order when a dot appears above the price action. Set the stop loss above the swing high.
Set the take profit target on the next major swing low level.
This indicator may be one of the few technical indicators that have the characteristics of a trading system as a complete trading strategy or as an independent indicator. It can be used as the basis for opening and closing operations.
Last Man Standing Swing Point Highs and Lows Indicator for MT4 (Free Download)
Click below to download: