Sniper Structure Signals (HH HL LH LL)

The Sniper Structure Signals (HH HL LH LL) indicator is a market structure tool designed to provide clarity on price action by automatically identifying swing points and directional bias.

Usage

The indicator helps traders identify the current trend through labeled swing points (HH, HL, LH, LL) and generates signals based on breakout confirmations.

• Market Structure Labels: The tool labels Higher Highs (HH) and Higher Lows (HL) to indicate bullish structure, while Lower Highs (LH) and Lower Lows (LL) indicate bearish structure.
• Directional Bias: A bullish bias is established when a Higher High is followed by a Higher Low. Conversely, a bearish bias is confirmed when a Lower High is followed by a Lower Low. This bias is displayed in a panel on the chart.
• Trade Signals: Buy signals are triggered when price crosses above the most recent swing high during a bullish bias. Sell signals are triggered when price crosses below the most recent swing low during a bearish bias.

Details

The script utilizes the ta.pivothigh and ta.pivotlow functions to detect significant price turns. The "Swing Strength" parameter determines the number of bars required on either side of a high or low to confirm it as a pivot. By increasing this value, the indicator filters out minor price fluctuations, focusing on more significant market turns.

The signals are non-repainting as they require a price breakout (crossover/crossunder) of previously confirmed pivot levels.

Settings

• Swing Strength: Determines the sensitivity of pivot detection. Higher values result in fewer, more significant structural points, while lower values capture more frequent minor swings.
• Show HH HL LH LL Labels: Toggles the visibility of the market structure labels on the chart.
• Show Buy Sell Signals: Toggles the visibility of the breakout-based triangle signals and text labels.

FAQ

How do I use the bias panel?

The bias panel in the top-right corner summarizes the current trend state. "BIAS: BUY" suggests the market is in a bullish structure, "BIAS: SELL" suggests a bearish structure, and "BIAS: NO TRADE" indicates a neutral or transitioning market.

What does the Swing Strength setting do?

It defines the "lookback" and "lookforward" period for a high or low to be considered a pivot. For example, a strength of 11 means a high must be the highest point within 11 bars before and 11 bars after it to be labeled.

How can I access this script?

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