MEET THE INDICATOR
The meaning behind the numbers.
SW Line Professional V5 is a tool for working with one selected line using the approaches of DeMark and Perl. You select two anchors on the chart, and the indicator links them to the actual highs or lows of the bars, extends the line and checks subsequent price behavior. It helps distinguish a simple line crossing, a breakout that meets the required conditions, and what subsequently happens to the calculated target.
- Select anchors A and B with your mouse
- DeMark NMTT and Jason Perl breakout rules
- Four target measurement methods
- Target states, two tables and detailed display settings
Two points define what you analyze
When adding the indicator, select points A and B near the desired highs or lows. Two highs define a falling resistance line, Supply. Two lows define a rising support line, Demand. Each click snaps to the nearest high or low of the selected bar; a mixed pair or an unsuitable slope produces an explanation.
The line works with the pair you select. The indicator does not automatically search for all market lines or choose an opposite line to cancel the target. To study a different construction, move the anchors or reset the points through the indicator menu. Changing the selection recalculates the entire selected history.
A crossing and a qualified breakout are different events
You set the minimum penetration beyond the line in minimum price increments for a crossing to be recognized. Point C remains on the line itself; the checking threshold may be slightly farther away. With zero penetration, a strict crossing is required; a touch alone is not enough.
Q1–Q3 check previous closes, an opening beyond the line, and previous pressure. One of the enabled conditions is enough for qualification, subject to the additional filters. DeMark NMTT and Jason Perl rule versions are available; their Q2 opening rule differs in particular. The additional Q4 is explicitly marked as experimental: it can be disabled, observed only, or applied as a filter.
Where the target comes from and when it is known
The target is derived from the measured distance between the line and the selected measurement base. Three DeMark methods and Perl's true-extreme method are available. You can set the proportion of the measurement to use and reduce the height by two minimum price increments. The base, original height and resulting price are shown separately so that you can trace the result.
On an open bar, the calculation is preliminary. Depending on the selected setting, the measurement base includes the closed breakout bar or is limited to the history before it; final events are recorded at the close. If both the breakout and a target touch appear on the same bar and their order within the bar is unknown, the indicator shows ambiguity instead of confidently claiming that the target was reached.
Observation continues after the breakout
The indicator distinguishes waiting, a qualified or rejected breakout, an active target, target achievement and cancellation. Three cancellation rules are available for the next bar: opening back across the line, opening and closing against the breakout, and failing to make a new extreme. The version of these rules is selected independently of the Q1–Q3 rule version.
You can manually specify an external cancellation from an opposite signal by date and time. The additional Q4 exit is also an experimental setting. These states describe the calculation for your selected construction; they do not open or close trades in your trading platform. The target remains a reference level, not a guaranteed future price.
Display settings to suit how you read the chart
The anchors, line and its extension, prospective C, actual breakout attempt, measurement base and target have separate settings. You can change marker shapes, sizes, colors, segment lengths, and the position and text of labels. Moving a label or segment changes its position on screen, not the price of the calculated point.
Two tables help move explanations off the chart: one shows states and measurements, and the other shows information messages. You can hide the tables and individual elements. Alert conditions are available for qualified or rejected breakouts, target achievement and cancellation; to receive notifications, create the alerts separately in TradingView.
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.
