OTE means optimal trade entry and can give the best price point to enter a trade at lower time frames. This indicator automatically draws these OTE levels and the premium /discount of the range, following a market structure break or MSB.
It does this by finding a pivot, checking if it has been broken by a candle body, then drawing a line for that MSB. The premium /discount range and fib levels are taken from the high/low before and after the MSB, with the most recent MSB being used.
What is particularly great is that the levels and boxes move in realtime, so there is never any need to redraw things manually, drawing is fully automated and updates with every change in price or MSBs.
Settings: Left and Right bars for Pivot - this determines the strength of the pivot that has been broken. The stronger the pivot, the stronger the MSB. Max Lookback - How far to look back for MSBs. Various aesthetic options to show bullish / bearish MSBs independently, as well as colour and line settings for the MSB, Fibs and Premium/Discount.
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Fixed a bug with the lookback on bearish MSBs. Added a new option to move the drawings left/right by an amount of bars.
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Added a new option to use the highs/lows of the lookback range, rather than the highs/lows since the broken MSB candle. The result is that bearish and bullish MSBs occurring at the same time are likely to have the same premium/discount range.
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- Added multi time frame functionality, view higher time frame MSBs while your chart is in a lower time frame - Added support for custom time frames. Use your own settings 2m, 10m, 6H, etc. - Better visual customisation so you can edit the individual fib levels, change position of bearish / bullish drawings independently. - More options to choose the premium/discount range, using either the most recent MSB, the oldest MSB or the full lookback distance.
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Thank you for all your support! With this update there are some big new features. - ChoCh (change of character). You can now choose to identify ChoCh. Show these lines in a different colour. Choose a sensitvity level to determine if there is ChoCh of the current trend. - Set a minimum price change % to display the premium/discount range. The premium/discount and fibs will not show if the range is not at least this percentage difference. - Line repainting has been reduced with some additional deletion for when a new bar/candle is drawn
Please Note - Due to the complexity of what the script is looking for, it can take up to 30 seconds to load following a refresh or settings change. However once loaded, every new bar will update the indicator instantly.
As always please DM me for support, requests and for trial access.
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Got a lot of reports that the indicator was in an error state when really users just have their chart timeframe higher than the indicator. Updated the default timeframe to be the same as the chart. Added a tooltip that chart timeframe must be lower than indicator.
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Added optional labels to the MSB and ChoCh lines Changed default colours to better suit light and dark themes
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Some helpful new changes have been made: - fib levels can each be customized to a user defined value - each fib level can be easily and independently hidden - the fib levels and the range boxes can be shown even when there is no MSB, allowing more flexibility for range traders
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Edited MSB label positions Updated example chart image