A curiosity question, Bruce. 

I was watching a webinar on Sat, and the presenter suggested an indicator to mark Swings, when a High or Low is higher or Lower than any High or Low for the previous 5 days, AND the next 5 days. The first half is simple (H>H1, H> H2 etc) but how would I test against the five days following?

I'm assuming using Custom PCF % True for the Condition.

Thanks

Maybe  he was talking about starting 10 days back?

Thanks

No, he was suggesting a technique for identifying swing points, albeit slightly in retrospect, so the technique required forward and back views. Or to put it another way, the indicator wouldn't appear until 5 days after the event.

That sounds like its only testing the past?

Since future data doesnt exist the only other possibility is some type of

Ichimoku Cloud style calculation where you move todays calculations forward

in time on the chart?

Thanks

You would use the following Condition Formula for the swing high.

MAXH5 < H5 AND H5 > MAXH5.6

This detects the swing high five days after the high and there really is no way around this.

If you used the formula as the Boolean Formula in a Custom PCF % True Indicator, you could add a 1-period moving average to the Custom PCF % Ture Indicator and set the Offset to -5 to get the spikes to plot at the swing high instead of the point where the swing high was detected.

This won't magically allow you to detect swing highs before they happen however.

Thanks Bruce, exactly what I was looking for. The objective is to quickly identify possible points to set Fibs at, and hence I am only interested in the past. (If I had a technique for predicting swing points in the future, I'd be posting from Trump Tower or some other similarly expensive place). Sorry I wasn't clear in my earlier posts. 

If anyone else is interested, the corresponding PCF for the Lows is "MinL5 > L5 AND L5 < MinL5.6". I set the Plot Opacity for the two PCF's to the very left, and only the Dots from Moving Average PCF's are visible.

The choice of 5 bars to identify Swing Highs & Lows is subjective, one might like a higher number, in which case the PCF's need to revised. This would reduce the number of dots or swing indicators, but the lower number in the PCF would also indicate any Swing Points which would show with the higher number, ie a swing point which is based on the 15 bars PCF would also show as a swing point based on 5 bars, but not vice versa.

FWIW another way to reduce the number of swing signals, and hence focus on the major swings is to use a chart with Weekly bars, rather than Daily. This is roughly the equivalent of changing the 5 in the PCFs to 25.

Cheers