Swing Point Breakout Indicator with MTF Dashboard and Sessions

The Swing Point Breakout Indicator with MTF Dashboard and Sessions tool identifies potential market structure shifts by detecting breakouts of recent swing highs and lows across multiple timeframes. It provides traders with a visual confirmation of trend changes, accompanied by a multi-timeframe (MTF) status dashboard and session-based filtering for more precise trade execution.

Usage

The indicator can be used to identify trend reversals or continuations when price breaks through established pivot points.

• Long Signals: A bullish indication occurs when the price closes above the most recent swing high. An execution triangle appears when the price subsequently breaks the high of the candle that initially closed above the swing point.
• Short Signals: A bearish indication occurs when the price closes below the most recent swing low. An execution triangle appears when the price breaks the low of the candle that initially closed below the swing point.
• MTF Dashboard: Located in the top right, this table displays the current structure status (Bullish, Bearish, or Neutral) across various timeframes (1m to 1W). This helps traders align their lower-timeframe entries with higher-timeframe trends.
• Stop Loss Levels: Upon an execution signal, the indicator automatically plots a horizontal line based on the recent opposing swing point to assist with risk management.

Details

The script utilizes the ta.pivothigh() and ta.pivotlow() functions to define structural swing points based on a user-defined lookback period. It employs a two-step confirmation process for entries: first, a close beyond the swing point, followed by a breakout of that specific signal candle's extreme.

The dashboard logic uses request.security() to fetch data from higher timeframes. The session filtering logic allows users to restrict signals to specific trading hours (e.g., New York session), which can be useful for avoiding low-volatility periods or "fakeouts" during illiquid market hours.

Settings

• Signal Pivot Lookback: Sets the number of bars used to determine the swing highs and lows for signal generation.
• Stop Loss Pivot Lookback: Sets the lookback period for determining the swing points used for the automated stop loss levels.
• Use Sessions: Enables or disables the session time filter.
• Session Time: Defines the specific time range (in UTC) during which the indicator will process signals and display execution triangles.

FAQ

How do I interpret the MTF Dashboard?

The dashboard shows the trend status of different timeframes. Green indicates a bullish breakout, red indicates a bearish breakout, and blue indicates a neutral state where no recent breakout has occurred.

Can I change the session times to match my local market?

Yes, the "Session Time" input allows you to define any specific time window. Ensure your chart is set to the correct timezone to align with your desired trading hours.

How do I access the Swing Point Breakout Indicator with MTF Dashboard and Sessions?

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