Ema Swing HL
Description
The EMA Swing HL indicator is a technical analysis tool designed for use in NinjaTrader 8. It calculates swing high and low levels based on the Exponential Moving Average (EMA) and the price action of the market.
To calculate the swing high level, the indicator first identifies when the price bar crosses above the EMA, creating a gap between the price and the EMA. This is considered a potential swing high. The indicator then waits for the price to cross back under the EMA, creating another gap. This confirms the swing high level.
Conversely, to calculate the swing low level, the indicator looks for the price bar to cross below the EMA, creating a gap. This is considered a potential swing low. The indicator then waits for the price to cross back above the EMA, creating another gap. This confirms the swing low level.
The EMA Swing HL indicator is useful for identifying key levels of support and resistance in the market. Traders can use these levels to make trading decisions such as entering or exiting positions or placing stop-loss orders. It is a versatile tool that can be used on a variety of timeframes and in different markets.
Parameters
Period: is the period of the EMA used in the calculation.
Plots
Upper (double): Represents the last confirmed swing high level
Lower (double): Represents the last confirmed swing low level