Price Action Assistant V2

The Price Action Assistant V2 indicator provides a comprehensive suite of tools designed to streamline price action analysis by consolidating essential market data and patterns into a single view. It combines structural levels, volatility metrics, and visual aids to help traders identify key setups and manage their journaling more efficiently.

Usage

The tool is designed for lower timeframe analysis, particularly on the 5-minute (M5) chart, where it provides specific bar numbering and closure visualizations.

Market Structure and Levels

The script automatically plots the previous day's High, Low, and Close, along with the current session's Opening price. These levels act as critical points of interest for intraday trend continuation or reversal strategies.

Gap and Volatility Analysis

• Opening Gaps: The script calculates the opening gap relative to the Average Daily Range (ADR), allowing traders to gauge the significance of the gap in the context of typical volatility.
• Micro-Gaps (FVGs): Fair Value Gaps are visualized to highlight liquidity imbalances on the chart.
• 3-Bar Micro Channel: Identifies three consecutive bars moving in the same direction with higher lows or lower highs, signaling immediate momentum.

Visual Aids and Journaling

• Bar Numbering: Advanced numbering includes color coding at intervals of 9 or 12. This helps visualize the completion of higher timeframe candles (like 45-minute or 60-minute blocks) when viewed on an M5 chart.
• Stats Table: A persistent on-screen table displays yesterday’s range, today’s current range, ADR, and the Average Bar Range (ABR).
• Date Labels: Daily date and day-of-week labels are placed at the start of each session to assist with chart archiving and journaling.

Details

The indicator utilizes request.security to fetch multi-timeframe EMA data and daily OHLC levels accurately. The bar counter logic is specifically optimized for M5 traders using Al Brooks-style bar counting methods, with customizable offsets and interval colors. The ADR is calculated using a simple moving average of the daily ranges over a user-defined lookback period.

Settings

General & Stats

• ADR/ABR Lookback Period: Sets the number of bars/days used to calculate average ranges.
• Info Table Display: Toggles for ADR, Yesterday's Range, Today's Range, and ABR visibility.

Gaps & Patterns

• Opening Gap: Toggles the display of the opening gap label and value.
• Micro Gaps: Toggles the display of Fair Value Gaps with customizable colors.
• 3-Bar Micro Channel: Enables or disables the detection and shape plotting for 3-bar momentum patterns.

Levels & Indicators

• Daily OHLC Lines: Toggles for Previous High, Low, Close, and Current Open levels.
• EMA Settings: Independent controls for two different EMAs, including source, length, and timeframe.

Visuals

• Date Label: Toggles the daily date and day name labels.
• Bar Counter: Configures the interval (X bars), vertical offset, and interval color multiples (9 or 12).

FAQ

How do I use the bar counter for specific candle closures?

Set the "Color Change Interval" to 9 to see the end of 45-minute segments, or 12 to see the end of 60-minute segments when trading on a 5-minute timeframe.

Why do some levels disappear on higher timeframes?

The script includes "Hide on Higher Timeframes" settings to prevent chart clutter on timeframes where intraday levels (like bar counts or small gaps) are less relevant. These can be adjusted in the settings.

How do I access Price Action Assistant V2?

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