MEET THE INDICATOR
The meaning behind the numbers.
SW Relative Retracements helps you plot price reference levels relative to a selected construction using the Relative Retracements approach. Instead of taking a conventional measurement between the two ends of a move, you select two highs or two lows. The indicator finds the opposite extreme inside that section and calculates levels from the right-hand anchor.
- Two interactive anchors and direction selection
- Levels 0.382 and 0.618, plus four extensions
- Magnet from the close of the internal extreme's bar
- The calculation's construction and checks of your selected points
How the calculation direction is set
For a downward calculation, select two highs: the indicator finds the low between them and plots levels downward from the high of the right-hand anchor. For an upward calculation, select two lows: it finds the high inside the section and plots levels upward from the low of the right-hand anchor. You can select the points in either order; left and right are determined by time.
Direction is selected automatically from how close your clicks are to the bars' highs or lows, or you can set it manually. The calculation becomes available after both anchor bars close and when there are closed bars inside the section. If there are no suitable data between the anchors, the table explains the reason instead of displaying invented levels.
The measurement is taken inside the selected section
For a downward move, the distance is measured from the right-hand high to the internal low. For an upward move, it is measured from the right-hand low to the internal high. The selected proportion of that distance is then projected from the right-hand anchor in the calculation direction.
The main levels are 0.382 and 0.618; the extensions are 1.382, 1.618, 2.236 and 2.618. Each can be enabled separately. They mark prices to watch, not when those prices will be reached or inevitable reversal points. It is useful to observe how the market reacts around a level rather than treating a line as a complete trading decision.
What Magnet shows
Magnet is a separate reference level equal to the closing price of the internal bar where the required low or high was found. It is neither the midpoint of the range nor another universal percentage level. It ties the markings to a specific bar in the selected historical section.
If the same internal extreme occurs more than once, the current version uses the later bar. Magnet therefore depends on both the value of the extreme and the closing price of the selected bar. The underlying construction and the label on the identified point help you see where this reference level comes from.
Point validation and convenient display settings
For a downward calculation, the checks require the left-hand high to be at least as high as the right-hand high, with no high between them reaching or exceeding the right-hand high. An upward calculation uses the opposite conditions for lows. If the rule is broken, the table displays a warning. By default, the levels remain visible with this warning; a separate setting lets you hide them.
Colors for the main levels, Magnet, extensions and the construction are set separately. You can change line style and thickness, label sizes and background transparency, or hide the construction or table. Start with two clear anchors and the explanations enabled, then keep only the levels you need on screen.
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.
