Market State Reader

Market State Reader reads the chart the way a price action trader does and writes the result on the chart in plain words: is this a trend or a trading range, who is in control (bulls or bears), did the last breakout follow through or fail, where is the gap, where is the measured-move target, and what is worth looking for on the next bar.

It works on closed bars only, so nothing repaints. It was built for intraday index trading (DAX, US500, Nasdaq) on M5, but it runs on any symbol and timeframe.

What you see on the panel

• Market state: BULL TREND, BEAR TREND, TRADING RANGE, WEAK / TRANSITION or BREAKOUT FROM RANGE, with the numbers behind the call (EMA slope, bars above the EMA, EMA crosses, bar overlap).
• Who is in control: bulls, bears or neutral, and since when.
• Last bar type: strong trend bar, doji, inside bar, outside bar, big tails.
• Local pattern: tight channel without pullback, 4 of 5 bars one way, or overlapping bars.
• Breakout of the recent range: waiting for follow-through, follow-through OK, held, or FAILED (trapped traders), with a count of failed breakouts today.
• Gap from the previous session close and whether it is filled.
• Day high / low and the opening range.
• Measured move (leg 1 = leg 2) target and whether it was reached.
• Range position meter: where the last close sits in the last 30 bars.
• Last 20 bars strip: colour = direction, full height = strong trend bar.
• One advice line, for example "Range MIDDLE: no trade, wait for the edges", "Breakout up held: buy the first pullback, don't fade it", "Failed breakout up: look to SELL, target range middle".

What you see on the chart

• Shaded zones: current trading range, opening range, quiet midday, off-session hours.
• Swing structure labels HH / HL / LH / LL.
• Arrows where control flipped from bulls to bears or back.
• FB marks at failed breakouts.
• Breakout range edges, previous close and opening-range lines.
• Measured move drawn as leg 1, the projected leg 2 and the target line.

Four themes

Navy (dark, futuristic), Black, White and Classic black & white (white background, white up candles, black down candles). The theme recolours the whole chart; your original colours come back when the indicator is removed.

Study mode

Set "Study mode: read only up to this time" and the indicator reads the chart as if that bar had just closed, so you can check what it would have said at any moment in the past.

Session presets

Whole day (default, any symbol), DAX / Xetra (10:00–18:30 server time) and US cash (16:30–23:00 server time) for brokers on GMT+2 / GMT+3 server time, or Custom with your own start, end and quiet-midday times. Outside the session the advice line says "no new trades".

Inputs

Session: preset, custom start / end, quiet midday start / end, opening range bars.

Reading: fast EMA (20), slow EMA (50), ATR length (14), bars used to judge trend / range (20), bars forming the breakout range (12), swing strength (3), minimum swing size in ATR (1.0), history bars read at start (3000).

Panel: corner, X / Y offset, width, font size, title and text fonts, alerts, study mode time.

Chart drawings: zones, day levels, breakout range, measured move, swing labels, control-flip arrows, failed-breakout marks, number of bars to label.

Look: theme, apply the theme to the chart.

Notes

• Alerts (pop-up) on a failed breakout and on a state change can be switched on in the inputs.
• The panel moves below the One Click Trading buttons automatically.
• This is a reading aid for discretionary price action trading. It does not place trades and it does not predict the market.