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Creator: Definedge
D Smart is the invention of Prashant Shah and is a specific indicator for Renko charts.
It is based on the bricks and diagonal plotting properties of the Renko chart.
On a Renko chart, a swing line is a swing breakout pattern-based indicator.
Renko bullish swing breakouts are objective patterns that occur when price crosses its previous swing high. When the price falls below its previous swing low, a Renko bearish swing breakout pattern is formed.
There are times when the price may correct after crossing the swing high, but it has not yet formed a bearish breakout. Sometimes, it rises temporarily, but the current pattern is a bearish swing breakout, so it is a temporary pullback.
The swing line indicator addresses this issue.
The price will remain above the indicator swing line if the last pattern was a bullish swing breakout. If the last pattern was a bearish swing breakout, the price will remain below the swing line indicator.
A bullish pattern above the swing line indicator and a bearish pattern below the swing line indicator offer valuable trading opportunities.
Click here to learn more about swing line indicator.
The indicator table value in TradePoint & RZone also provides you with a list of all values of this indicator for any group of stocks. This will allow you to compare the readings of this indicator across different stocks.
This indicator is also available in the System Builder of RZone & TradePoint. Using the system builder, you can develop various strategies based on the different conditions already present in this indicator. Additionally, it can be used with other indicators or price patterns to develop effective trading strategies. For any group of stocks and market segments, you can scan and backtest stocks based on those strategies.