Days since last 5% swing low

Optuma Scripting
1

Hi,

I have tried to write a script that counts the days since the last e.g. 5% swing low. A 5% swing low is a correction of at least 5%.

// Set the swing percentage; 
Var1 = PERCENTSWING(PERCENT=5.0); 

// Get the swingend values; 
Var2 = SWINGEND(Var1); 

// Count trading days since last swing low; 
Var3 = TIMESINCESIGNAL(Var2); 
Var3

Unfortunately the script doesn’t works. I have tried a lot of other variations but no one does what is should. Any help is appreciated.

Thanks
Thomas

2

Hi Thomas,

SwingEnd() gives the value of the swing, not the date.

The difficulty with swings is that you have to wait X days until the swing turn has been confirmed (ie until price has moved at least 5%) so using something like TIMESINCESIGNAL(Var1 TurnsUp) won’t work as that counts from when the swing was confirmed, not from the low bar.

The only way I can think of is to count since the low price was equal to the swing end: TIMESINCESIGNAL(LOW()==Var2)

Note that this doesn’t take in to account the current swing direction, so if using a watchlist add SWINGUP(Var1)==1 to a column and sort.

Out of the Dow 30, it’s been 66 days since MSFT had a swing low, followed by 8 others on 40 days. At 9 days ago INTC had the most recent swing low.

Capture

3

Hi Darren,

Thank you very much for all your work. The script works perfectly with TIMESINCESIGNAL(LOW()==Var2).

Here is the complete script for calculating with High/Low:

// Set the swing percentage using High/Low; 
Var1 = PERCENTSWING(PERCENT=5.0, CALCUSINGTOOL=High/Low); 

// Get the swingend values; 
Var2 = SWINGEND(Var1);

// Count trading days since last swing low; 
Var3 = TIMESINCESIGNAL(LOW()==Var2); 
Var3

But there is a special issue if I change the property “Calculate Using” from “High/Low” to “Close”. The results of the script are completely wrong.

Here is the script for calculating with the Close:

// Set the swing percentage using CLOSE; 
Var1 = PERCENTSWING(PERCENT=5.0, CALCUSINGTOOL=Close); 

// Get the swingend values; 
Var2 = SWINGEND(Var1); 

// Count trading days since last swing low; 
Var3 = TIMESINCESIGNAL(LOW()==Var2); 
Var3

Is there something I have missed?

When I use the tool “Percent Swing Chart Overlay (PCSC)” and change the property “Calculate Using” from “High/Low” to “Close” the tool works as it should and changes the calculation from High/Low to Close.

Thanks again a lot,
Thomas

4

Hi Thomas,

Var2 is now using the closing price rather than the low, so Var3 needs to be changed to CLOSE()==Var2.