Confirmed market structure buy/sell indicator

The Swing Point Breakout Indicator with MTF Dashboard and Sessions tool identifies potential trade entries based on price breakouts of significant swing levels while providing a comprehensive multi-timeframe perspective of market structure. This indicator helps traders align immediate breakout signals with the broader trend context across seven different timeframes.

Usage

The indicator can be used to identify trend reversals or continuations by monitoring breakouts of swing highs and lows.

• Buy Signals: Triggered when the price closes above a previously established swing high and further confirms the momentum by breaking the high of the breakout bar.
• Sell Signals: Triggered when the price closes below a previously established swing low and confirms by breaking the low of the breakout bar.
• MTF Analysis: Use the top-right dashboard to confirm that the signal on your current chart aligns with higher timeframe structures. For example, a "Buy" signal is often considered higher probability if the 1h, 4h, and 1D timeframes also show a "Bullish" status.
• Session Filtering: Traders can restrict signals to specific trading hours (e.g., New York session) to avoid low-volatility periods or "fakeouts" during off-market hours.

Details

The script utilizes the ta.pivothigh and ta.pivotlow functions to detect peaks and troughs based on a user-defined lookback period. A Market Structure Shift (MSS) or Break of Structure (BOS) is detected when the closing price crosses these pivot levels. The MTF dashboard uses request.security to fetch data from 1m, 5m, 15m, 1h, 4h, 1D, and 1W intervals, calculating the structure status for each to provide a bird's-eye view of the market.

Settings

Signal Inputs

• Signal Pivot Lookback: Determines the number of bars required on each side to identify a swing high or low for signal generation.
• Stop Loss Pivot Lookback: Adjusts the lookback used for the swing levels that define the automated stop-loss lines.

Session Settings

• Use Sessions: Toggle to enable or disable time-based filtering for signals.
• Session Time: Define the specific hours during which signals are allowed to trigger (formatted as "HHMM-HHMM").

FAQ

How do I use the dashboard for confirmation?

The dashboard displays the current market structure status (Bullish, Bearish, or Neutral) for seven timeframes. Traders generally look for "confluence," where the signal on the current chart matches the color/status of higher timeframes on the dashboard.

What do the colored bars signify?

Bars are colored lime (green) when a bullish breakout of a swing high is detected and red when a bearish breakout of a swing low is detected, highlighting the initial point of momentum change.

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.