This is a Pine Script (version 5) code for a custom technical analysis indicator called "Market Structure Fibonacci Indicator" designed for use in TradingView. The indicator appears to combine market structure analysis with Fibonacci levels to help traders identify key price levels and market conditions. Key features of the indicator include:
Fibonacci-based "breaker zones" that help identify potential support and resistance areas A dynamic equilibrium price level that determines bullish/bearish market conditions Buy-side and sell-side liquidity levels tracking A status table displaying the current market trend (Bullish/Bearish) and market condition (Premium/Discount/Neutral) Customizable visual elements including colors, line widths, and transparency levels
The indicator overlays on the price chart and uses the period's open, high, and low prices to calculate various Fibonacci projections at the 0.375 and 0.625 levels. It then creates zones ("breaker zones") that could indicate potential areas where price might react.