Market Structure & Scatter Dashboard

The Market Structure & Scatter Dashboard [LuxAlgo] indicator provides a comprehensive visual analysis of market trends by identifying structural breakouts and mapping impulse and pullback magnitudes on a scatter dashboard. This tool empowers traders to gauge market momentum and trend exhaustion by quantifying historical price swings and visualizing the relationship between price expansion and retracement.

Usage

The Market Structure & Scatter Dashboard is designed to assist traders in identifying key market shifts and evaluating the strength of recent price movements. By combining traditional Smart Money Concept (SMC) elements with a quantitative scatter plot, users can better understand the character of a trend.

Identifying Market Structure

The script automatically identifies swing highs and swing lows based on the chosen Pivot Length. When price breaks beyond these established levels, the indicator plots a Break of Structure (BOS) or a Change of Character (CHoCH). These markings provide visual confirmation of whether the current trend is continuing or if a potential reversal is in progress.

Scatter Dashboard and Momentum Analysis

The dashboard displays a scatter plot that maps the relationship between impulse and pullback percentages.

• Points mapping to the upper right quadrant represent strong bullish impulses followed by pullbacks.
• Points mapping to the lower left quadrant represent bearish impulses followed by pullbacks. You can use this scatter plot to identify when price movements are becoming overextended or when momentum is shifting, as the points are color-coded based on their relative magnitude.

Heatmap Functionality

When enabled, the Heatmap colors your candles based on the calculated live impulse and pullback data. This allows for an at-a-glance view of whether current market conditions are exhibiting high-momentum expansion or deep retracement relative to recent structure.

Details

The script operates by tracking structural swing points identified via the Pivot Length setting. It calculates the percentage-based distance of price impulses and subsequent pullbacks for every confirmed swing sequence. This raw data is then projected onto a dynamic dashboard using a coordinate system where the X-axis represents impulse strength and the Y-axis represents pullback depth. By centralizing this data, the script helps traders distinguish between standard market volatility and significant shifts in trend dynamics. The use of an alternating array ensures that the calculation always compares consecutive highs and lows to maintain accuracy in trend mapping.

Settings

Main Settings

• Pivot Length: Defines the number of bars used to calculate swing highs and swing lows. A higher value will identify more significant, long-term structures.
• Color Candles via Scatter Heatmap: Toggles the candle coloring feature that reflects the current impulse or pullback score.
• Heatmap Mode: Determines whether the candle colors are calculated based on a combined score, impulse-only, or pullback-only magnitude.

Style

• Bullish Color: Sets the visual color for bullish structure breaks and momentum signals.
• Bearish Color: Sets the visual color for bearish structure breaks and momentum signals.

Dashboard

• Dashboard Vertical Position: Anchors the visual dashboard to the Top, Middle, or Bottom of the chart.
• Dashboard Time Offset: Adjusts how many bars into the future the dashboard is projected to ensure it does not overlap with current price action.
• Dashboard Size Scale: Allows for scaling the size of the dashboard to fit different screen resolutions or chart layouts.

FAQ

How can I access Market Structure & Scatter Dashboard [LuxAlgo]?

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