Sweep identifies and measures the consumption of inventory in the book as price changes.
Sweep is color coded green or red depending upon the close of the price bar associated with the Sweep data.
If price closes up, then Sweep is color-coded green.
If price closes down, the Sweep is color coded red.
Sweep has 4 input parameters:
Show Intrabar – Allows the user to focus on either close of bar data, or intra-bar data.
Option – Provides 2 distinct ways to group a series of data so that the 1st, 2nd, and 3rd most prominent Sweeps Up and Sweeps Down within that data set are denoted graphically.
Zig-Zag Leg – When Zig-Zag Leg is selected, a trader must also define the minimum length to be used to define a leg of a Zig-Zag (see next option – Minimum Leg Option). When this option is set the Sweep study will plot a 1,2 or 3 upon the 1st, 2nd, and 3rd most prominent Sweeps Up and Sweeps Down within each historical Zig-Zag on the chart.
Sweep will also plot the current 3 most prominent Sweeps in the current Zig-Zag. These values can update as the current leg evolves. These numbers will harden when a new leg is formed.
Screen – When Screen is selected, the Sweep study will plot a 1,2 or 3 upon the 1st, 2nd, and 3rd most prominent Sweeps Up and Sweeps Down with regards to whatever price bars are currently plotted on the screen/monitor. As a trader either scrolls forward or backwards, or zooms in or out, the within each historical Zig-Zag on the chart. The Sweep study will automatically recalculate and denote the 1st, 2nd, and 3rd most prominent Sweeps Up and Sweeps Down that are on the screen/monitor. -
(How cool is that?)