Trying to find a Turning Point Tool

Optuma Scripting
1

Hi all,
I’m trying to find a kind of Gann Swing Chart Overlay Type Tool that when I open a Daily Bar Chart I can set the Tool to a Weekly,Monthly or Quarterly time frame and it places say a letter/symbol of that time frame on that Daily turn without having any lines or ref ranges etc appearing . Ive tried using the Show bar Tool but haven’t had any success.
Hope to hear from someone that can help .
Cheers
Rod

2

Hi Rod,

Try this in a Show Bar for weekly swing highs. Set the Display to Text with a W and high position:

T1=WEEK();
S1=GANNSWING(T1,SWINGCOUNT=3, METHOD=Use Next Bar);
SWINGEND(S1) TurnsUp

Change the last line to TurnsDown for the swing low, repesented by a green W below. Set the T1 variable in the first line to MONTH() to change the timeframe. Let us know what you think.

Capture

3

Hi Darren,

I have applied your script above on the S&P 500.

Here is the screenshot:
S P 500

As you can see, the script marks a “High” on the bar of the week ending 06/16/2023, although we do not yet have three consecutive lower bars/weeks.

Is the marked “High” just a temporary high that could turn out to be a “phantom-high” if prices rise above the high for the week of 6/16/2023, or are there other reasons why the script marks a high.

Thanks,
Thomas

4

Hi Thomas,

The label is applied to the end of each swing. You are correct in saying that the last High may be temporary because if that high is taken out before the third lower bar then it will change.