Swing Distance

Hello fellas,

This simple indicator helps to visualize the distance between swings. It consists of two lines, the highest and the lowest line, which show the highest and lowest value of the set lookback, respectively. Additionally, it plots labels with the distance (in %) between the highest and the lowest line when there is a change in either the highest or the lowest value.

Use Case:
This tool helps you get a feel for which trades you might want to take and which timeframe you might want to use.

Side Note: This indicator is not intended to be used as a signal emitter or filter!

Best regards,
simwai

Versionsinformation:

Changed behaviour of the Highest/Lowest change detection to recognize if the next high is higher than the high before and if the next low is lower than the low before to fix a bug.

Added two modes: "Pivot Point" and "Highest/Lowest".
The "Pivot Point" mode shows less distance measurements than the "Highest/Lowest" mode, because it only detects the top of the highest line movement and the bottom of the lowest line movement.

To update the description:
This is the calculation of the distance:
(highest close - lowest close) / close * 100

Versionsinformation:

Fixed bar_index bug