Turning Point indicator

Hello,

I need help making a script that shows the letters P and S, like in the attached image:

Explanation:

  • P means Monthly
  • S means Weekly

Basically, when there’s a P, it shows the highest or lowest monthly price on the daily chart.

Thank you.

Hi Nurdi,

Do you have a formula? If P is monthly why isn’t there a P for every month? And how do you determine whether it’s on a high or a low?

Let me try to explain.
In the picture below, P is the monthly turning point
If the market goes up and makes a higher high, we place P at the highest point of the higher high.
If the market goes down and makes a lower low, we put P at the lowest point of the lower low.

Hi Nurdi,

I think we can do something similar using weekly and monthly Gann Swings overlaid on a daily chart. Use the following in two separate Show Plot tools to show the monthly turns (in green) and weekly in red:

V1=MONTH();
GANNSWING(V1)

Weekly:

V1=WEEK();
GANNSWING(V1)

Does that do what you need?

Yes, I think so.
Thank you.

Hi Darren,

Does OPTUMA have built-in indicators (instead of custom scripting) for weekly, monthly, and quarterly swings?

Hi Nurdi,

We have 4 swing overlay tools based on Gann, Price, Percentage, and Volatility (ATR moves), but none based on time. Pivot Labels are based on bar counts.