SwingTimer Indicator Page: 8
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Intro
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Params
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Groups(5), {Number of averaged groups to build. }
{Range 2-9 sets averages for minimum and}
{maximum time period and price averaging}
{The system sets up 2 average displays: }
{2=12, 3=13, 4=23, 5=24, 6=34, 7=35, }
{8=36, 9=37. ergo: }
{ [2]-[1] 50% high and low }
{ [3]-2-[1] 33% high and low }
{ 4-[3]-[2]-1 25% mid-hi and mid-lo }
{ 5-[4]-3-[2]-1 20% mid-hi and mid-lo }
{ 6-5-[4]-[3]-2-1 17% cnt-hi & cent-lo }
{ 7-6-[5]-4-[3]-2-1 14% c-hi & c-lo }
{The sequence of numbers represents the }
{sums/averages that are calculated out }
{of the entire data set. The numbers in}
{brackets are the averages that are in }
{use in the computation of the boxes. }
{Time is taken from averages computed }
{from data set ordered by time interval.}
{For prices, the data set is ordered by }
{price increment to next turning point }
{and then the averages computed. }
Here we get into a bit of a complication but let me assure you that even though I explain all the details of "grouping" and "averaging", you really don't have to know anything about this aspect of the indicator.
The indicator scans all data in the chart to which the indicator is applied and makes a record of the number of bars and percent change in price and direction of change in price for each and every "leg" of price movement between TurningPoings.
Once this scan is complete the system then proceeds to process this set of statistics to arrive at the most probable zone at which we can expect the next change in direction of the current market direction.
To do this the indicator puts this information into an array and sorts this array by number of bars in these legs. The indicator then discards the highest and lowest data set in this group. These data are then sorted by magnitude of price change in each leg and again the lowest and highest values are discarded to get rid of outliers. Then these data are copied into another array and the data in this array is sorted again by length of leg.
If we were to specify a group of 2 to be used for our projections, the indicator would take the lower half of the time group and average it to obtain the shortest time frame NORMALLY expected to be encountered and then average the half with longer values to obtain the longest time frame NORMALLY expected to be encountered.
Then, the indicator would take the lower half of the magnitude group and average it to obtain the smallest time frame NORMALLY expected to be encountered and then average the half with longer values to obtain the longest time frame NORMALLY expected to be encountered.
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