SMC Market Structure Signals + Dashboard + TP/SL

The SMC Market Structure Signals + Dashboard + TP/SL indicator is a comprehensive technical analysis tool designed to identify Smart Money Concepts (SMC) market shifts, providing automated breakout signals alongside a statistical performance dashboard.

Usage

This tool identifies key market structure shifts by detecting Break of Structure (BOS) and Change of Character (CHOCH) events. When a breakout occurs, the script automatically plots potential entry points, two take-profit (TP) levels, and a stop-loss (SL) level based on the Average Daily Range (ADR10).

The real-time dashboard provides a statistical overview of the strategy's performance on the current chart, displaying total signals, win rates for both TP1 and TP2 targets, and a history of the last 10 trade outcomes. Traders can use this data to evaluate the consistency of structure-based breakouts across different timeframes and assets.

Details

The indicator utilizes a pivot-based lookback mechanism to determine swing highs and lows. Market structure is updated based on "Close" or "Wick" confirmation settings:

• BOS (Break of Structure): Occurs when the price breaks a swing point in the direction of the current trend.
• CHOCH (Change of Character): Occurs when the price breaks a swing point in the opposite direction of the previous structural break, signaling a potential trend reversal.

Take-profit and stop-loss levels are dynamically calculated using a percentage of the ADR10. This ensures that targets and risks are proportionate to the asset's recent volatility.

Settings

Market Structure

• Market Structure Lookback: Sets the number of bars required on each side of a high/low to identify a pivot point.
• Break Confirmation: Determines if a break is triggered by a candle "Close" above/below the level or a "Wick" touch.
• Show CHOCH: Toggles the visibility of Change of Character labels on the chart.

Targets & Risk

• TP1 % ADR10: Sets the first take-profit target as a percentage of the 10-day Average Daily Range.
• TP2 % ADR10: Sets the second take-profit target as a percentage of the 10-day Average Daily Range.
• SL % ADR10: Sets the stop-loss level as a percentage of the 10-day Average Daily Range.

Visuals

• Bullish/Bearish: Customizes the colors for bullish and bearish structure lines and labels.
• TP1/TP2/SL: Customizes the colors used for the target and risk boxes.
• Box Transparency: Adjusts the opacity of the trade level boxes.

FAQ

How do I access the SMC Market Structure Signals + Dashboard + TP/SL?

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

What is the difference between BOS and CHOCH in this script?

BOS represents a continuation of the existing structural direction, while CHOCH represents the first sign of a trend reversal relative to the last break.

How are the TP and SL levels calculated?

The levels are derived from the ADR10 (Average Daily Range over 10 days), allowing the levels to expand or contract based on market volatility.