Ground-based indices, such as the Dst, ap and AE, have been used for decades to describe the interplay of the terrestrial magnetosphere with the solar wind and provide quantifiable indications of the state of geomagnetic activity in general. These indices have been traditionally derived from ground-based observations from magnetometer stations all around the Earth. In the last 7 years though, the highly successful satellite mission Swarm has provided the scientific community with an abundance of high quality magnetic measurements at Low Earth Orbit (LEO), which can be used to produce the space-based counterparts of these indices, such the Swarm-Dst, Swarm-ap and Swarm-AE indices. In this work, we present the first results from this endeavour, with comparisons against traditionally used parameters. We postulate on the possible usefulness of these Swarm-based products for a more accurate monitoring of the dynamics of the magnetosphere and thus, for providing a better diagnosis of space weather conditions.