This indicator marks Break of Structure (BoS) and Change of Character (ChoCh) in the price structure on your charts. It runs on any timeframe. This indicator is useful for determining if you are seeing a trend change in the market or if you are only seeing a pullback with the market continuing in the direction of the trend. The indicator will look for price to break the previous BoS line or ChoCh line to mark a new BoS. When a BoS line is broken, it will then look for the lowest or highest pullback (depending on which way the market is trending) between to 2 BoS lines to mark the ChoCh line. When the ChoCh line is broken, it will mark that line as BoS and the previous BoS line will become ChoCh.
What makes this indicator unique from other BoS and ChoCh indicators is that it follows specific rules used by the FTR Trading group. The main difference is that the ChoCh line isn't changed to a BoS line from only a candle wick break. You will need a candle body break to move your BoS line to ChoCh. If a candle wick breaks your ChoCh line, you simply extend the ChoCh line to the new high or low of the wick. There are smaller differences that are proprietary to the FTR strategy.
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minor bug fixes
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Added option to show 4 hour BoS/ChoCh on 15m chart
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minor bug fixes
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Added option to show Inside Bars
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Added Daily BoS/ChoCh to 15m Chart
Added Trend Table to 15m Chart
Added Imbalance (which keeps remaining imbalance after some is mitigated)
Added Order Blocks
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Added option to change trend table text color
Added 50% line to Imbalance
Added Gann box to OBs (25%, 50%, 75%)
Changed OB mitigation to 25% for M15 and lower timeframes, 50% for all others
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Added Higher Timeframe and Highest Available Timeframe BoS/ChoCh to common charts (previously only supported on m15)
Added Trend Table to common charts (previously only supported on m15)
Charts considered in common charts: 1m, 5m, 30m, 1h, 4h, D, W, M (please leave comment if you would like other charts supported)
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Added option to show higher timeframe order blocks and imbalances on current timeframe
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minor bug fix
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Added option to color higher timeframe bullish and bearish OBs independently
Added option to color higher timeframe bullish and bearish IMBs independently
independently
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minor changes to higher timeframes shown when looking at weekly charts
BEST BoS and CHoCH indicator in trading view. i tried so many sturcture based indicators, but this is gold. thankyou for creating this brother.
zleylek001
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Hello, only 3 time frames are shown in the trend table. Can more time frames be added to this table? Can the trend of internal structures be added? However, I must say that I would like to thank you very much for your excellent work even as it is.
earthoceansky
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Thank You Mitch, Love the indicator. It works great
earthoceansky
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Notice that the m15 obs do not always appear, is there a setting or fix for this ? Thanks
MsData22
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This indicator fulfilled my dream I didn't know I had! The table with m5-H1 and m15-H4 is brilliant. I didn't realize the update till now. Loving it. Thanks for sharing this indi for free. Looking forward to seeing what else you will come up with. :)
DaemonForex
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Awesome indicator hands down!! is it possible to have an option to choose between wick breaks or candle body close breaks? regards
logicalSnow29175
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Hi Mitch, Thank you for the script , really outstanding work! I was thinking of a suggestion: is it possible to add a table where you show the of statistics related to the breakouts (CB,CW,BB,BW) for any chosen period or dates range? for example: number of # total number of Bos Body total number of Bos Wick total number of Chock Body total number of Chock Wick Bos body into Bos Bos Wick into Bos ChoCh Body into Bos ChoCh Wick into Bos ChoCh Wick into Choch
Thank you
steelyglint
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Hey Mitch, great work on this, it’s very useful, so thank you. One observation, it seems to miss some fairly obvious OBs, many of which are picked in Paul’s backtesting videos, Sam’s market direction posts and James’s advanced charts. Maybe worth checking against a couple of Paul’s videos to see if there’s some logic missing. Appreciate it’s complex.
mitchmoney2
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@steelyglint, Thanks! I can change code to pick up more types of OBs if you have suggestions on the logic. From what I can tell, many OBs selected by Paul and team are somewhat subjective and come from experience. Like other trading view indicators, I use the following logic for selecting OBs. For bull OBs, I look for a down candle followed by an up candle where the close of the 2nd candle is higher than the high of 1st candle. For bear OBs, I look for an up candle followed by a down candle where the close of 2nd candle is lower than the low of 1st candle.
steelyglint
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@mitchmoney2, cheers Mitch, I'll give it some thought. Sam has a youtube channel with some more logic on high probability OBs. I'll also try to figure out why it's missing some of the more obvious ones. I've been a dev and can code, just never looked at pine script much.