Ultra Market Structure

yesterday

The Ultra Market Structure indicator detects key market structure breaks, such as Break of Structure (BoS) and Change of Character (CHoCH), to help identify trend reversals. It plots lines and labels on the chart to visualize these breakpoints with alerts for important signals.

Introduction
This script is designed to help traders visualize important market structure events, such as trend breaks and reversals, using concepts like Break of Structure (BoS) and Change of Character (CHoCH). The indicator highlights internal and external price levels where the market shifts direction. It offers clear visual signals and alerts to keep traders informed of potential changes in the market trend.

Detailed Description
The indicator focuses on detecting "market structure breaks," which occur when the price moves past significant support or resistance levels, suggesting a potential reversal or continuation of the trend.

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1. Type of structure

   Internal Structure: Focuses on smaller, shorter-term price levels within the current market trend.

   External Structure: Focuses on larger, longer-term price levels that may indicate more significant shifts in the market.

   
   
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2. Key events

   Break of Structure (BoS): A market structure break where the price surpasses a previous high (bullish BoS) or low (bearish BoS).

   Change of Character (CHoCH): A shift in market behavior when the price fails to continue in the same direction, indicating a possible trend reversal.

   Once a break or shift is detected, the script plots lines and labels on the chart to visually mark the breakpoints.

   It also provides alerts when a BoS or CHoCH occurs, keeping traders informed in real-time.

   The indicator can color the background and candles based on the market structure, making it easy to identify the current trend.

   
   
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3. Special feature

   At news events or other momentum pushes most structure indicators will go into "sleep mode" because of too far away structure highs/lows. This indicator has a structure reset feature to solve this issue.

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Detects Break of Structure (BoS) and Change of Character (CHoCH) signals.
Marks internal and external support/resistance levels where market trends change.
Provides visual cues (lines, labels) and real-time alerts for structure breaks.
Offers background and candle color customization to highlight market direction.

8 hours ago

Release Notes

update (added Previous High/Low (Day, Week, Month
added Fair Value Gap's)