OPEN-SOURCE SCRIPT
Smart Money Concept Strategy with Labels Refined 25% Backtesting
Key Enhancements Made
Refined Entry Conditions:
The script now requires both a Change of Character and a Break of Structure to confirm long or short entries. This adds an extra layer of validation.
Order Block Detection:
A function orderBlock has been added to identify potential order blocks based on recent highs and lows. This helps traders identify areas where institutional orders may have been placed.
Liquidity Checks:
The script checks if the current price is within the identified order block range before executing trades. This ensures that trades are only taken when price action aligns with institutional behavior.
Dynamic Labels:
Labels for CHoCH and BOS are dynamically generated on the chart to help visualize significant market structure changes.
Conclusion
This enhanced script integrates advanced functionalities that align with Smart Money Concepts by focusing on market structure through Break of Structure and Change of Character while utilizing Order Blocks for more precise entries. You can further refine this strategy by incorporating additional indicators or modifying parameters based on your trading style. Always conduct thorough backtesting before applying any new strategies in live trading scenarios.
Refined Entry Conditions:
The script now requires both a Change of Character and a Break of Structure to confirm long or short entries. This adds an extra layer of validation.
Order Block Detection:
A function orderBlock has been added to identify potential order blocks based on recent highs and lows. This helps traders identify areas where institutional orders may have been placed.
Liquidity Checks:
The script checks if the current price is within the identified order block range before executing trades. This ensures that trades are only taken when price action aligns with institutional behavior.
Dynamic Labels:
Labels for CHoCH and BOS are dynamically generated on the chart to help visualize significant market structure changes.
Conclusion
This enhanced script integrates advanced functionalities that align with Smart Money Concepts by focusing on market structure through Break of Structure and Change of Character while utilizing Order Blocks for more precise entries. You can further refine this strategy by incorporating additional indicators or modifying parameters based on your trading style. Always conduct thorough backtesting before applying any new strategies in live trading scenarios.
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