Multi Length Market Structure (BoS + ChoCh)

The Multi Length Market Structure (BoS + ChoCh) indicator identifies key pivot points on the chart to signal market structure breaks (Break of Structure - BoS) and changes in market character (Change of Character - ChoCh) across multiple sensitivities. It is designed for traders employing market structure-based strategies to identify critical support/resistance levels and potential trend reversal points.

Usage

The Usage section describes how to interpret the signals generated by the indicator:

• Bullish BoS (Break of Structure): Displayed as a green triangle below the candle, this occurs when the price breaks above a previous pivot high, suggesting a continuation of the bullish trend.
• Bearish BoS (Break of Structure): Displayed as a red triangle above the candle, this occurs when the price breaks below a previous pivot low, suggesting a continuation of the bearish trend.
• Bullish ChoCh (Change of Character): A signal indicating a potential reversal to a bullish trend when the price breaks a high following a period of downtrend structure.
• Bearish ChoCh (Change of Character): A signal indicating a potential reversal to a bearish trend when the price breaks a low following a period of uptrend structure.
• Multi-Length Analysis: By using different pivot lengths (e.g., 5, 10, 20), traders can view structure on different time horizons simultaneously. Larger pivot values typically represent more significant turning points.

Details

The indicator identifies pivot highs and lows based on user-defined lengths. A pivot is recognized after a specific number of candles (the "length") have passed without a higher high or lower low.

To provide a comprehensive view of the market, the tool tracks up to six different pivot lengths simultaneously. This allows the indicator to distinguish between minor structure breaks and major trend reversals. Additionally, the script includes a feature to display unbroken pivot levels as horizontal lines, which often act as magnet zones or future support and resistance.

Settings

Pivot 1-6

• Pivot Length: Sets the sensitivity for pivot detection. Lower values are more sensitive to price action; higher values represent more significant macro pivots.
• Colors: Customizable color settings for BoS/ChoCh signals and pivot labels for each specific length.

Visibility & Labels

• Show BoS/ChoCh: Toggles the visibility of labels, lines, and triangles for structure breaks.
• Show HH/HL/LH/LL Labels: Enables or disables the display of Higher Highs, Higher Lows, Lower Highs, and Lower Lows.
• Show Labels for Pivot: Selection tool to decide which of the six pivot lengths should have its text labels displayed on the chart.

Unbroken Pivot Lines

• Show Unbroken Pivot Levels: Displays horizontal lines at pivot points that have not yet been crossed by the price.
• Transparency/Style: Configuration for the visual appearance of these historical levels.

FAQ

How can I use multiple sensitivities at once?

You can set up to six different pivot lengths in the settings. This allows you to see short-term breaks (e.g., length 5) and long-term trend shifts (e.g., length 50) on a single chart.

What is the difference between BoS and ChoCh in this tool?

A Break of Structure (BoS) is a break in the direction of the current trend (continuation), while a Change of Character (ChoCh) is a break in the opposite direction of the established trend (potential reversal).

How can I access this tool?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.