SWEEP


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.

Sweeps Can Indicate Conclusionary Order Flow and Can Also Create Breach Points

What is important about sweep is its relationship to a pivot and its relationship to price.

You will notice that larger Sweep can come in 1 bar before a pivot, at the pivot bar, or one bar after the pivot.

If a market has been traveling up for a bit, and then there is a large Green Sweep up where the next bar is a pivot high, this infers conclusionary buying took place...and you can trade either the Pivot High, the ensuing breach line made by the either the current Pivot Low or the next pivot low to be formed.

In the same scenario, you may see a large Red Sweep bar at the Pivot High....you can also trade that if this occurs at Known Resistance.

On a small range bar chart, such as a 1 tick, or 2 tick ES range bar chart...you will also see a large sweep come in after the pivot bar.

For instance, on a 1 tick ES chart, if there is a pivot low that is followed by a Large Green Sweep, this can be a tradeable scalp - particularly if the bar before the pivot low had significant down Book Pressure or Sweep.

In our Sierra Chart version of Sceeto, you can have the study automatically number the 3 highest and 3 lowest Sweep values on your chart....this comes in very handy.




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. 

Hope this helps.