MEET THE INDICATOR
The meaning behind the numbers.
SW Points + Double Point combines two related tools from Thomas DeMark's approach. Points identifies local highs and lows and shows their level. Double Point compares qualifying points of the same direction, marks the resulting pair, and then checks its confirmation separately. You can study both layers together or enable only the one you need.
- Points, Double Point or both layers together
- High and low levels with a selection filter
- D pairs and confirmation triangles
- Configurable lines and label placement
What the numbers next to price show
A Low point is a local low, and a High point is a local high. For level 1, the central bar must have a lower low or a higher high than its neighboring bars. The point is confirmed after the next bar closes, while its number is placed next to the extreme itself. This explains why a new label can appear on the previous bar.
As new bars appear, a point can reach a higher level if it passes further comparisons on both sides. The number shows the level the point has reached, not a price, a trade number, or guaranteed strength of a future reversal. You can raise the minimum displayed level to remove minor details and retain more pronounced turns.
Point selection and three display modes
The settings include a True High / True Low filter: it takes the previous bar's close into account when selecting a new high or low. You can turn the filter on and off to compare the results. The minimum level for displaying Points and the minimum level for including a point in Double are set separately.
Combined mode shows point numbers and Double events. Points Only mode is useful for studying the sequence of local extremes. In Double Point Only mode, you can hide the intermediate numbers and focus on pairs and their confirmations. These display options let you adjust how much detail appears on the chart to suit your analysis.
How a Double Point forms
An upward pair forms when the next qualifying Low point is higher than the previous qualifying Low point. A downward pair forms when the next qualifying High point is lower than the previous qualifying High point. The letter D appears next to the second point; you can optionally connect the two points with a line segment.
The letter D means that the pair conditions have been met. It is not yet a separate confirmation of a further move. The first and second points can be different distances apart, and other price fluctuations can occur between them. To understand the situation, you need to see both points, their levels, and the surrounding section of the chart.
How confirmation differs from the letter D
For an upward pair, the indicator waits for price to move above the high of the bar containing the second Low point. For a downward pair, it waits for price to move below the low of the bar containing the second High point. The event is checked on a closed bar using that bar's high or low: the closing price does not also have to be beyond the level. A triangle pointing in the corresponding direction appears on the actual confirmation bar.
You can therefore see three distinct events: confirmation of the local point, formation of the D pair, and fulfillment of the pair's confirmation condition. The triangle does not promise that the move will continue and does not place an order in your trading platform. Its purpose is to mark that price has crossed the selected calculated level; subsequent behavior must be assessed on the chart.
Lines, appearance and getting started
You can enable connecting segments between points, a horizontal confirmation level, and an additional reference level based on the closing price of the bar on which the second point reached the selected level. Horizontal lines can be shown for a specified length or until confirmation. The last reference is called a low-risk level in the settings, but it does not by itself calculate or guarantee the risk of a trade.
Colors, sizes, backgrounds and offsets for numbers, D letters and triangles are controlled separately. Automatic placement takes the typical range of price movement into account; manual placement uses minimum price increments. Alerts are available for new points, pairs and confirmations. Start with level 1 and the combined display, then keep the elements you need. The depth of visible labels is limited by the history settings and TradingView's capabilities.
What you receive
Access to the indicator in your TradingView account for your chosen subscription period, calculation and display settings, and email support. Source code is not included in the subscription. You need your own TradingView account; any TradingView features or paid plan required for your chosen way of working are paid for separately.
The STUDENT WYCKOFF implementation is inspired by Tom DeMark's published work. Historical profile names identify the basis of the rules. This is an independently developed product.
