Building such structure is really complex task to do, that has a lot of obstacles and challenges. I'm doing my best to develop this indicator behaving in absolutely expectable and right way. Fill free to leave any comments or bug reports.
- Marking all with labels or join them continuously with .
- Marking minor and sub structured swings with labels or join them continuously with . Marking BOS or SMS BOS, which are mbos. Minor and substructure are structures inside swing structure and it can differ from the structure of lower timeframe
- Marking swings of swing structure with labels or join them continuously with . Marking BOS or SMS BOS of swing structure
- Changing and colors of each kind of structures
- Changing labelings
- Changing colors of BOSs
- As I told you guys before, it has a lot of challenging cases. eg we have swing low and high on the same candle and in order to decide which goes first I take lower time frame data to figure out what is the first, but it happens that on lower time frame the same issue takes place, due to limitation of TradingView I can't go infinitely to lower timeframes to solve this issue, so I mark those cases with labels
- Another issue is very beginning of the trend its hard to detect swing structure there due to missing historical data. so skip a few waves in the very beginning
- Don't expect to have minor and sub structure in each swing waves, its totally fine when you don't have them at all
- Swing structure is the most significant structure and shows real price direction. Trend change is confirmed when for bull->bear the last HL<LL and LL-LH-LL are confirmed, for bear->bull LH>HH and HH-HL-HH are confirmed. You can change labelling for unconfirmed swing trend in the settings. By default its already done
- added BOS line style
- in order to detect aggressive trend change the sms bos logic is added to the kernel
- added combining waves with swings number less than 4. 3 swings trend doesn't have enough swings to confirm real trend change. Thus I've added option to turn on the combination, by default its on
3 bars pattern condition:
at least 1 candle from each side must be lower or higher for lows and highs correspondingly
4 bars pattern condition:
at least 1-2 candle(total conditioned candles must be 3 or more) from each side must be lower or higher for lows and highs correspondingly
5 bars pattern condition:
at least 2 candles from each side must be lower or higher for lows and highs correspondingly
Since v3.0 you can control how the swing structure is being built. The main sign of changing trend is the break of its structure(BOS) which has 2 behaviour classic and sms. Both versions are confirmed when pivots meet last LH or HL for classic BOS or first LL or HH for sms BOS meet candle on its horizontal level. That first candle can intercept that line either by body or by wick and now you can choose which interception behaviour you would like to use. More than that the price can build a lot of swings before intercepting classic BOS line and already have confirmed SMS BOS for this case you can set priority of finding BOS. SMS,BOS will confirm structure if SMS BOS happens prior to classic BOS. If you choose BOS,SMS then if both BOS types got detected then classic BOS will be used
So you have a lot of power to affect building structure in a way you would like to see it. Enjoy
This is very important for those who is paying attention to wicks as liquidity collection, thus updating swing by wicks is not necessarily changing the structure direction, its just engulfing liquidity unless it's confirmed by body.
This functionality blocks some of the settings such as BOS Mode, BOS Priority and Unconfirmed Swings. Those settings are categorised so that you not messed up
Zgodnie z prawdziwym duchem TradingView, autor tego skryptu opublikował go jako open-source, aby traderzy mogli go zrozumieć i zweryfikować. Brawo dla autora! Możesz używać go za darmo, ale ponowne wykorzystanie tego kodu w publikacji jest regulowane przez Dobre Praktyki. Możesz go oznaczyć jako ulubione, aby użyć go na wykresie.
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