Valid Pullbacks Market Structure [promuckaj]

4月30日

VALID PULLBACKS PREMIUM MARKET STRUCTURE

This indicator will mark highs/lows that is "validated" by candle close below opposite wick (complete body) of respective candle. It is so helpful in your market structure analysis.

For example, if candidate candle with a wick as highest high is there then indicator wait some of next candles to close below lower wick to validate that swing as „valid“ high. Vice versa for swing low.
There is two different types of a valid pullbacks, type 1 and type 2. What is the difference between them and how indicator determine both of them ?

*Type 1
Indicator is tracking the candles with highest/lowest wick for a possible valid pullback point. Let me explain it on valid High example. If there is formed a candle that contain high higher then previous candle then those newely formed candle become our candidate candle for a valid High point, all we need to see is that at some point price must closed below lower wick of respective candle to validate it as a valid High, while in mean time there must be no new formed candle with higher wick.
Example:

If new candle is formed but it contain the same high as previous candidate candle then script will take those candle that is harder for validation, which means those with lower wick.
Example:

For type 1 it can be any candle as candidate one, no mater if it is green or red, all is mater is the wicks.


*Type 2
This is slightly different, indicator is tracking only the green/red candles with highest/lowest wicks for a possible pullback point. I will explain it again on a valid High example. For a valid High indicator is tracking only green candles. Candidate candle is those with highest wick while at the same time it is a green candle. New candidate candle become those green one that close with price above previous candidate candle while in mean time last one must be not mitigated.
Example:


*Options
-Different type of labels on valid points, the way how they will be marked on your chart in general, predefined 9 different labels or use custom one, with option to change color and size.

-Option to activate Wave, which will connect with lines every single valid point, with option to change color, type and width of the lines.


-There is option to mark candle that confirm the valid pullback.

-Line that need to be broken for a next valid point. It represent the opposite side of candidate candle, what need to be violated with close price to confirm the valid point.


*HTF Options
Perhaps the most important part of this indicator is option to mark valid points from multiple HTFs at the same time while you are on lower timeframe, with some of really nice features there.
Beside all the options above, already explained, regarding modification of labels, waves and lines there is option to choose separately of each HTF (there is two optional) any kind of settings you prefer, including pullback type, visualisation of labels and lines, but also some cool features like:

-Marking LTF candle that confirm the valid point from HTF. Example below is on 1m chart while HTF valid point is set to 15m.


-In the next example we can see how good is when you know on LTF what is the price that need to be broken on HTF to confirm the valid point from HTF.


-Here is example how it looks on 1m chart when you have activated valid points from 5m and 15m at the same time.
On 5m it is set one of predefined labels as markings, while on 15m it is set custom labels „15H“ and „15L“.


-At any point you can have activated table-info with info about valid points from all three timeframes there.


-There is also option to activate liqudity markings on any of your HTFs there, which means once price take some of valid points from HTF it will be marked out on the chart with line and optional label (x). Example below is 1m chart with liquidity from 15m.


-There is option to activate markings of highers/lowers HTF bar after valid pullback is confirmed from some of your HTF pullbacks. This could be very useful, you can have even more clear picture of HTF order flow, especially because some of this bars could be used as your OB (order blocks) or breaker blocks from HTF.
Below is example of 5m and 15m HTF bars on 30s timeframe.



Note: If you try to use timeframe lower then 1min then consider to change HTFs to lower due to limit in TV regarding candles back history or your license plan you have in TV. For example if you are on 15s then consider to use HTF as 15min or lower for example.
Sometime, due to limit in history candles of instrument there could be an error regarding to many candles in history so in that case try to avoid to use higher TF for HTF such is 2H or higher, depend of your actual timeframe that is on your chart.

5月26日

發行說明

-Fixed some issue with marked two HTF/HTF2 OBs in a row in the same direction. Now previous one will be rejected.

-Added option to shift to the left "X" label when liquidity from some of HTFs is taken. It could help to avoid overlap with other labels at the same bar.


-Added optional labels for "validation" lines for all three timeframes that is in use. Beside custom color of lines now it could provide the info for what timeframe respective validation line belong. There is option to set custom labels text if needed, by default it will show respective timeframe.


-Changed table info, better info presentation.