Price Action Break of Structure Indicator
- Indicatori
- Michael Zane Nielsen
- Versione: 1.35
Description
This technical indicator is designed to automate the analysis of market structure based on price action concepts. It identifies and labels key structural points, including Higher Highs (HH), Lower Lows (LL), Lower Highs (LH), and Higher Lows (HL), to assist traders in visualizing market trends.
The indicator uses a configurable "Swing Strength" logic, checking a user-defined number of bars to the left and right of a pivot to confirm its validity. It also identifies Break of Structure (BOS) events, drawing extension lines when price breaks a previous structural high or low.
Key Features
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Structure Detection: Automatically marks swing points with text labels and solid trendlines.
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Calculation Modes: Users can switch between "Body" mode (using Open/Close prices for stricter analysis) or "Wick" mode (using High/Low prices for standard analysis).
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Break of Structure (BOS): Projects lines to indicate where a previous High or Low has been broken.
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Chart Cleanup: Includes a "Max Line Length" filter. If a break occurs too far from the original pivot (exceeding a set number of bars), the line is not drawn to maintain chart clarity.
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Alert System: Provides notifications when a new Break of Structure is confirmed. Supports pop-up alerts, sound alerts, and mobile push notifications.
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Historical Analysis: Can process a defined amount of history or the entire available chart data.
Input Parameters
The parameters are organized into logical groups to allow for easy customization.
Calculation Mode
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Calculation_Mode: Select the price source for analysis. Options are "Body" (Open/Close) or "Wick" (High/Low).
Structure Settings
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InpLeftBars: The number of bars to the left of a candle that must be lower (for a High) or higher (for a Low) to confirm a swing point.
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InpRightBars: The number of bars to the right of a candle required to confirm the swing.
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InpFontSize: Size of the text labels on the chart.
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InpOffsetHighs / InpOffsetLows: Adjusts the vertical distance of text labels from the candle.
Structure Visuals
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ShowHH / ShowLH / ShowLL / ShowHL: Toggle the visibility for specific structure types.
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WidthLines: Thickness of the solid structure lines.
Break of Structure (Dotted)
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ShowBOS: Enables or disables the dotted Break of Structure lines.
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Use_BOS_Lookback: If true, limits the calculation to the specific number of bars defined below.
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BOS_Lookback: The maximum number of historical bars to analyze.
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Use_Max_Length: Enables the filter to prevent drawing extremely long lines.
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Max_Line_Bars: The maximum allowed distance (in bars) between a pivot and its break. Lines longer than this value will not be drawn.
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clrBOSBull / clrBOSBear: Color settings for bullish and bearish break lines.
Alerts
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InpUseAlerts: Master switch to enable or disable all alerts.
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InpAlertPopUp: Enables a terminal pop-up window alert.
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InpAlertSound: Enables an audio alert.
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InpAlertPush: Enables push notifications to the mobile terminal.
Recommendations
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The "Max_Line_Bars" setting is recommended for lower timeframes to prevent clutter from structure points that are no longer relevant.
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Alerts are triggered only on the close of the candle where the break is confirmed.

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