OPEN-SOURCE SCRIPT
Smart money concept
Updated
The indicator tracks the smallest movements of price action. It can monitor and analyze market context, attempting to identify trends within each time frame.
If a candle has its entire body above the previous swing high, it indicates a strong upward momentum. The market is leaning towards an upward direction. If the candle remains within the range of the previous swing high, it signifies weak upward momentum. The market is reluctant to move higher.
If a candle has its entire body below the previous swing low, it reflects a strong downward momentum. The market is leaning towards a downward direction. If the candle remains within the range of the previous swing low, it indicates weak downward momentum. The market is reluctant to move lower.
If a candle has its entire body above the previous swing high, it indicates a strong upward momentum. The market is leaning towards an upward direction. If the candle remains within the range of the previous swing high, it signifies weak upward momentum. The market is reluctant to move higher.
If a candle has its entire body below the previous swing low, it reflects a strong downward momentum. The market is leaning towards a downward direction. If the candle remains within the range of the previous swing low, it indicates weak downward momentum. The market is reluctant to move lower.
Release Notes
UpdateRelease Notes
Update settingRelease Notes
Introduce the "sweep" signal into the wave structure. In a downtrend, after the price has risen and a candle closes with a higher body than the previous one, forming a temporary bottom, and then the price continues to decrease but only the candle's wick breaks below the low, followed by an increase in price and candles with bodies breaking above the high of the downtrend, this creates a bottom sweep. In an uptrend, the opposite applies.Release Notes
Bug fixesRelease Notes
Add the "imbalance zone," which is depicted as a blue box.Release Notes
Fixed bugs and added color options for ImbalanceRelease Notes
Add notification function when the candle closes price forms a High, Low or when the candle's wick crosses the High or LowRelease Notes
Add a red line to indicate it is a CHOCH signal and notify the CHOCH signalRelease Notes
Add the Orders block shown by the green boxRelease Notes
Updated top and bottom creation rulesRelease Notes
Fixed code error in determining bos pointsRelease Notes
Fixed error in determining top and bottom creation positionsRelease Notes
Fix error in determining top and bottomRelease Notes
Update CHoCH points (Change of Character)Release Notes
Fix the error of getting CHOCH position when there is a sweepRelease Notes
Fix bugRelease Notes
Update BOS position when candle wick breaks throughRelease Notes
Fixed breakout position when there is sweep and BOS signalRelease Notes
Update wave structure.ignore inside candles when confirming tops and bottoms
Release Notes
Update structureRelease Notes
fix Update wave structureRelease Notes
update wave structureRelease Notes
Update wave structureRelease Notes
fix structure definition errorRelease Notes
Fix bug
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
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