It finds local swing highs and lows, and defines the market structure based on them.
Break above the blue line = market structure is , look for long/buy
Break below the red line = market structure is , look for short/sell
I wrote it as a strategy so it can be easily backtested, giving a more complete picture of its effectiveness for catching larger swings.
It works best in trending markets such as Bitcoin .
This specific backtesting strategy and buy/sell signals on the chart are meant for trading the spot markets.
Buy signal triggers the entry with 70% of the trading capital (can be adjusted in the indicator menu and backtested with different percentages).
Sell signal exits the position.
The results assume 0.1% trading fees by default (adjustable in the menu as well).
It does not repaint.
If trading the markets it can be used purely as an indicator to help you form a HTF bullish/bearish bias and look for trade setups accordingly.
Although it's not designed for intraday moves, it can be used on lower timeframes as well.
8h timeframe for swing trades.
1h timeframe for intraday setups.
is still the suggested and main use of this indicator (forming high timeframe bias).
For any questions and inquiries, feel free to DM me.