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mitchmoney2

FTR Rules BoS/ChoCh Markup

mitchmoney2 Updated   
Candlestick analysis Chart patterns
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candlestickanalysis chartpatterns
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.
Release Notes:
minor bug fixes
Release Notes:
Added option to show 4 hour BoS/ChoCh on 15m chart
Release Notes:
minor bug fixes
Release Notes:
Added option to show Inside Bars
Release Notes:
  • 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
Release Notes:
  • 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
Release Notes:
  • 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)
Release Notes:
Added option to show higher timeframe order blocks and imbalances on current timeframe
Release Notes:
minor bug fix
Release Notes:
  • Added option to color higher timeframe bullish and bearish OBs independently
  • Added option to color higher timeframe bullish and bearish IMBs independently
independently
Release Notes:
minor changes to higher timeframes shown when looking at weekly charts
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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