Accumulated swing index

I've been looking at the accumulated swing index again recently.

This is another of Welles Wilder's ideas described in his book New Concepts in Tecnhical Analysis.

His description is:

"Somewhere amidst the maze of open, close, high amd low prices is a phantom line that is the REAL market. This line is indicative of the swings the market is making".

Later he says:
"The implications of being able to plug the four daily prices into an equation which will give a one number relative value for the days trading and also identify all short term swings are far reaching indeed. Those readers who like to use their own creative ability and ingenuity to devise workable systems will have a field day with this concept."

The formulae leads to a daily value that lies between
-100 and +100.

I've been using it to identify breakouts from support and resistance and a variant on bollinger bands. Bollinger says that apart from closing prices other values can be used eg. typical price and weighted close.
I'm currently testing bb's around the swing index.

Any views?
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