Market Structure Patterns
Market Structure Patterns is an indicator based on smart money concepts that displays structures and zones on the chart, can send alerts of any type, have his values accessed through global variables what makes easy create Expert Advisors based on it. This is the only one of this type in the market that allows the control of the transparency of the zones on the chart.
The indicator also paints the candlesticks depending on the trend. This feature can be enabled in the parameter "Color Candles". By default the trend is show as green for bullish trend and red for bearish trend. Among with the trend the candlesticks can be filled or not giving the hability to recognize bullish and bearish candlesticks.
The indicator displays the main market structures, such as swing points, order blocks, fair values gaps, prior quotes of higher timeframes, premium and discount zones. For a clear presentation some structures names has been abreviated as follow:
- HH, HL - Higher highs and lows
- LH, LL - Lower highs and lowes
- EQH, EQL - Equal highs and lows
- OB, iOB - Order Blocks and Internal Order Blocks
- BB, iBB - Breaker Blocks and Internal Breaker Blocks
- FVG - Fair Value Gap
- OG - Opening Gap
- BoS, iBoS - Break of structures and Internal Break of Structure
- CHoCH, iCHoCH - Change of character and Internal Change of Character
- PDH, PDL - Prior day high and low
- PWH, PWL - Prior week high and low
- PMH, PML - Prior month high and low
The alerts are triggered for the structures and order blocks breaks. It allows to enable the alerts for each breaking type independently.
The access to order blocks and structure breaks values through global variables can be made using the names conventions as follow:
All global variables is prefixed with "SMP-"+_Symbol+"("+TIMEFRAME+")", for example "SMP-EURUSD(H4)".
For order blocks:
- Add "-IOB" for internal order blocks or "-OB" for swing order blocks;
- Add "-Total to get the amount of order blocks on the charts;"
- Add "[index]-Top" and/or "[index]-Bot" to get the order blocks values.
For structure breaks:
- Add the pattern name as displayed on the chart. For example, +iCHoCH can be accessed by "SMP-EURUSD(H4)-+iCHoCH"