# Intermarket Swing Projection Intermarket Swing Projection is an indicator on [Vela](https://vela.luxalgo.com/chart), our next-generation charting platform, written in Pine Script®. Projects the swing structure of any external symbol onto the active chart, z-score rescaled so both markets share one price axis. Displays the second market as zigzag swings or forward-extended horizontal levels that often act as support and resistance. Built for traders comparing trend phase, timing, and volatility across related markets. - Indicator in the LuxAlgo Library, by LuxAlgo, published Dec 10, 2025. - Access: free. - Concepts: [Intermarket Analysis](https://www.luxalgo.com/library/concept/intermarket-analysis/) (primary), [Correlation](https://www.luxalgo.com/library/concept/correlation/), [Swing High/low](https://www.luxalgo.com/library/concept/swing-high-low/) - Open on Vela: https://vela.luxalgo.com/chart?pineScriptCodeId=cmpwn2np7003ovhsgjfppf39q - Page: https://www.luxalgo.com/library/indicator/intermarket-swing-projection/ **Intermarket Swing Projection** redraws the swing structure of any external symbol directly on your chart, rescaled so both markets share one price axis: [intermarket analysis](https://www.luxalgo.com/library/concept/intermarket-analysis/) without leaving the active symbol. Each swing from the second market becomes a z-score, then is re-expressed through the average and standard deviation of your own chart's swings, so an index, metal, currency, or crypto series plots in levels your symbol understands. ## How to Trade the Intermarket Swing Projection? - **ZigZag mode**: follow the external market's [swing highs and lows](https://www.luxalgo.com/library/concept/swing-high-low/) alongside your own to compare trend phase, timing, and volatility. - **Horizontal Levels mode**: projected swing extremes extend forward, and the active symbol often treats them as support or resistance, confluence sourced entirely from another market. - **Average color mode**: levels below the mean print bullish, above it bearish; **Pivot mode** colors swing lows bullish and swing highs bearish. - **Structural divergence**: when the two structures stop confirming each other, look for leading or lagging behavior between the markets. Pivot Length tunes how significant a swing must be, Show Last bounds how much structure stays visible, and Spread pushes the projected levels further from, or closer to, the average of your chart's swings (the zigzag is unaffected). Backpaint plots swings at their true historical location, which keeps past studies honest. ## Intermarket Swing Projection Settings - **Ticker** and **Timeframe**: the external market and the timeframe its swings are detected on. - **Show Last**: number of swing points displayed. - **Pivot Length**: swing sensitivity. Higher values keep only broader pivots. - **Spread**: expands or contracts the projected levels without touching swing detection. - **Backpaint**: anchors swings at their historical bars rather than at detection. - **Style**: zigzag and level visibility, color mode, and colors. ## Frequently Asked Questions ### Which market pairs are worth projecting? Anything with a suspected relationship: index futures against each other, a stock against its index, gold or a currency against equities. The rescaling absorbs differences in price range and volatility, so very unlike assets still compare cleanly. ### How do I check the relationship before trusting the levels? Quantify it first: [Historical Correlation](https://www.luxalgo.com/library/indicator/historical-correlation/) measures how tightly two symbols have tracked each other over time. Projected structure carries more weight when the underlying correlation is stable. ### How can I access the Intermarket Swing Projection? It is free to use via the LuxAlgo Library. The page also lets you run it inside Quant, our coding agent, to explore ticker and timeframe combinations. You can also copy the source code from this page and run it anywhere Pine Script® runs. ## Related indicators - [Correlation Clusters](https://www.luxalgo.com/library/indicator/correlation-clusters/) (Correlation): markdown at https://www.luxalgo.com/library/indicator/correlation-clusters.md - [Historical Correlation](https://www.luxalgo.com/library/indicator/historical-correlation/) (Correlation): markdown at https://www.luxalgo.com/library/indicator/historical-correlation.md - [Swing Highs/Lows & Candle Patterns](https://www.luxalgo.com/library/indicator/swing-highs-lows-candle-patterns/) (Swing High/low): markdown at https://www.luxalgo.com/library/indicator/swing-highs-lows-candle-patterns.md - [Unreached Highs/Lows Oscillator](https://www.luxalgo.com/library/indicator/unreached-highs-lows-oscillator/) (Swing High/low): markdown at https://www.luxalgo.com/library/indicator/unreached-highs-lows-oscillator.md - [Volume Bubbles & Liquidity Heatmap](https://www.luxalgo.com/library/indicator/volume-bubbles-liquidity-heatmap/) (Breadth, Sentiment & External Data): markdown at https://www.luxalgo.com/library/indicator/volume-bubbles-liquidity-heatmap.md - [Crypto Liquidation Heatmap](https://www.luxalgo.com/library/indicator/crypto-liquidation-heatmap/) (Breadth, Sentiment & External Data): markdown at https://www.luxalgo.com/library/indicator/crypto-liquidation-heatmap.md - [Liquidation Levels](https://www.luxalgo.com/library/indicator/liquidation-levels/) (Breadth, Sentiment & External Data): markdown at https://www.luxalgo.com/library/indicator/liquidation-levels.md - [Market Breadth Toolkit](https://www.luxalgo.com/library/indicator/market-breadth-toolkit/) (Breadth, Sentiment & External Data): markdown at https://www.luxalgo.com/library/indicator/market-breadth-toolkit.md --- Source: https://www.luxalgo.com/library/indicator/intermarket-swing-projection/ (LuxAlgo Library). Free to use with attribution: https://www.luxalgo.com/library/license/