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The
accumulation swing index (ASI) is a variation of Welles Wilder's
swing index. It plots a running total of the swing index value of
each bar. The swing index is a value from 0 to 100 for an up bar
and 0 to -100 for a down bar. The swing index is calculated by using
the current bar's open, high, low and close, as well as the previous
bar's open and close. The swing index is a popular tool in the futures
market.
The
Swing Index alone doesn't provide much in the way of signals. It
should be used in conjunction with the Accumulative Swing Index.
The Accumulative Swing Index is a cumulative total of the Swing
Index. The Accumulative Swing Index provides a numerical value that
quantifies price swings.
Usage:
It
defines short-term swing points. It indicates the real strength
and direction of the market. The accumulative swing index is used
to gain a better long-term picture than using the plain swing index,
which uses data from only two bars. If the long-term trend is up,
the accumulative swing index is a positive value. Conversely, if
the long-term trend is down, the accumulative swing index is a negative
value. If the long-term trend is sideways (non-trending), the accumulative
swing index fluctuates between positive and negative values. This
indicator is used to analyze futures but can be applied to stocks
as well.
ASI will give the technician numerical price swings that are value quantified, and it will show short-term trend turnarounds. A breakout is indicated when the accumulative swing index exceeds its value in the period when a previous significant high swing point was made. A downside breakout is indicated when the value of the accumulative swing index drops below its value in a period when a previous significant low swing point was made. 
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