PROTECTED SOURCE SCRIPT
SMC Market Structure (MTF)
מעודכן
Introducing the Smart Money Concept Market Structure analysis indicator, a sophisticated tool designed to display the true market structure, in multiple timeframes. Inspired by Lewis Kelly's renowned strategy, this indicator offers a unique approach to defining market structure.
It's worth noting that the Smart Money Concept Market Structure analysis indicator employs Lewis Kelly's strategy for swing detection.
However, it differs from other scripts in the market that utilize alternative methods for swing detection.
Some of these alternative methods that are not used by this script (as it doesn't define market structure properly according to Lewis Kelly's rules):
- ignoring previous market swings. New swings are created inside the internal noise, as they don't need a close above or below previous swings.
- considering that a swing detection is a tops/bottoms with pivots (left, right) with HH/LL.
Any existing market structure script using any of the above will lead to a wrong Break of Structure or Change of character detection and may induce traders to wrongly take trades against the true trend (and lose their trades).
This is why none of the listed above is used here, and this distinction also offers traders a diverse range of options to suit their individual trading preferences and styles.
Here's the main principles of how it works that differentiate from other scripts:
- New Swings are detected only if the new candle closes above/below the previous swing.
- A pullback is detected after 3 (by default) candles going in the same direction, against the current trend. The pullback candles do not need to follow each other, but the count is reset when invalidated. The pullback invalidation strategy is not disclosed here.
Also, unlike most indicators out there, the Smart Money Concept Market Structure (MTF) is multi-timeframe, eliminating the need for traders to constantly switch between different timeframes or add additional indicators. This feature enhances efficiency and streamlines the analysis process, allowing traders to focus more on making informed decisions.
It's important to understand that this indicator is fundamentally based on price action and is not specifically designed to detect market manipulations. Therefore, it should be used in conjunction with your own analytical skills and expertise to derive optimal trading strategies.
While still in its development phase, the indicator may receive updates and new features in the future to further enhance its functionality and usability.
Some of these new features may also not be implemented by existing market structure scripts.
If you have any question or need for new features, please feel free to ask them.
Also, it is recommended to compare the results of this indicator and other existing ones to see which is the most suitable to your trading style.
In the meantime, Enjoy !
It's worth noting that the Smart Money Concept Market Structure analysis indicator employs Lewis Kelly's strategy for swing detection.
However, it differs from other scripts in the market that utilize alternative methods for swing detection.
Some of these alternative methods that are not used by this script (as it doesn't define market structure properly according to Lewis Kelly's rules):
- ignoring previous market swings. New swings are created inside the internal noise, as they don't need a close above or below previous swings.
- considering that a swing detection is a tops/bottoms with pivots (left, right) with HH/LL.
Any existing market structure script using any of the above will lead to a wrong Break of Structure or Change of character detection and may induce traders to wrongly take trades against the true trend (and lose their trades).
This is why none of the listed above is used here, and this distinction also offers traders a diverse range of options to suit their individual trading preferences and styles.
Here's the main principles of how it works that differentiate from other scripts:
- New Swings are detected only if the new candle closes above/below the previous swing.
- A pullback is detected after 3 (by default) candles going in the same direction, against the current trend. The pullback candles do not need to follow each other, but the count is reset when invalidated. The pullback invalidation strategy is not disclosed here.
Also, unlike most indicators out there, the Smart Money Concept Market Structure (MTF) is multi-timeframe, eliminating the need for traders to constantly switch between different timeframes or add additional indicators. This feature enhances efficiency and streamlines the analysis process, allowing traders to focus more on making informed decisions.
It's important to understand that this indicator is fundamentally based on price action and is not specifically designed to detect market manipulations. Therefore, it should be used in conjunction with your own analytical skills and expertise to derive optimal trading strategies.
While still in its development phase, the indicator may receive updates and new features in the future to further enhance its functionality and usability.
Some of these new features may also not be implemented by existing market structure scripts.
If you have any question or need for new features, please feel free to ask them.
Also, it is recommended to compare the results of this indicator and other existing ones to see which is the most suitable to your trading style.
In the meantime, Enjoy !
הערות שחרור
Fix: Now detects swings correctly when trend is bearish from the startהערות שחרור
Fix: Pullback low/high now updates correctly in all casesהערות שחרור
Add Optimal Trade Entry zones . You can now see the OTE zone for each timeframe. They are fully customizable.הערות שחרור
- Add a 3rd Timeframe.- Merge timeframe labels that are on the same line. They no longer overlap each other if the swing price is the same
הערות שחרור
- Fix display of OTE starts when viewing in Higher timeframe.הערות שחרור
UIX: Add labels color customization to use on different backgrounds הערות שחרור
Added an option (disbled by default) to use candles body instead of highs/lows for detecting swings.הערות שחרור
fix: the swings now display correctly when the pullback was not detected before a ChoChהערות שחרור
Fix: Update the pullback swing even if the candle is not a pullback continuation candleFeat: Add a liquidity sweep detection for pullback swings, in order to keep market-structure consistency. If enabled (by default), the wick of a liquidity sweep will be ignored.
הערות שחרור
- Add some plots for market structure and OTE zones- Add some alert conditions.
This is a quick update as some users requested it. The plots and alerts may be updated in the future as every TV scripts has limited outputs. So If needed, I may have to change or replace some plots by some more usefull ones, depending on feedbacks.
הערות שחרור
- Use plots instead of plotchars. Users can now use the indicator plots as sources for their own scripts.
הערות שחרור
PullbackAdd feature to choose the type of pullback detection. Default is when candle extreme (high/low) extends the pullback. When use candle close instead of low is enabled, it will check if candle close extends pullback.
Swings
-Review the pullback detection, the script now shows some swings that were missing and should have been detected.
-Fix the feature to display swings with candle body instead of candle extreme (high/low).
Labels color & position
Add feature to choose an alignment for the label, according to the timeframe. Now, user can select to align label between left, center, and right.
If you encounter any regression regarding this update please let me know.
הערות שחרור
- Fix lines extends when viewing in higher timeframe- Fix labels alignment
הערות שחרור
- Fix swings lows/highs when in bullish/bearish trend and pullback detections uses close instead of high/low is enabledהערות שחרור
Break of structure- Add an option allowing the user to choose how many candle closes beyond the previous swing are required to detect a Break of Structure, or Change of Character.
הערות שחרור
OVERLAYAdd an overlay (disabled by default) to display the market trend direction according to each timeframe. If enabled, the overlay will show in a corner of the screen.
הערות שחרור
TIMEFRAMESReplace the timeframe names TF1, TF2, TF3 by the actual timeframe name eg: 4H, 1D, 1M and so on..
הערות שחרור
Structure plottingSet structure_tf to 0 when the timeframe is disabled. -1 is still for bearish, 1 for bullish
Overlay
Add more overlay positions
Add text sizes for overlay
הערות שחרור
Pullback- Add options to set a different pullback candle count for each timeframe
Timeframes
- Add an option to hide Lower TimeFrames displays.
This feature will only hide the 2 lower timeframes and only if the chart's current timeframe is higher than them.
If you encounter any issue regarding this update please PM me directly.
הערות שחרור
AlarmsAdd an alarm that triggers when :
- Break of Structure for Any of the selected timeframe
- Change of Character for Any of the selected timeframe
- Price reach OTE for Any of the selected timeframe
Now users should be able to use these, without having to create multiple alarms for the same purpose. Please let me know if there is any issue.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.