Market Structure MA Based BOS [liwei666]

Jan 14, 2023

🎲 Overview

🎯 This BOS(Break Of Structure) indicator build based on different MA such as EMA/RMA/HMA, it's usually earlier than pivothigh() method
when trend beginning, customer your BOS with 2 parameters now.


🎲 Indicator design logic

🎯 The logic is simple and code looks complex, I‘ll explain core logic but not code details.

1. use close-in EMA's highest/lowest value mark as SWING High/Low when EMA crossover/under,
not use func ta.pivothigh()/ta.pivotlow()
2. once price reaching EMA’s SWING High/Low, draw a line link High/Low to current bar, labled as BOS
3. find regular pattern benefit your trading.


🎲 Settings

🎯 there are 4 input properties in script, 2 properties are meaningful in 'GRP1' another 2 are display config in 'GRP2'.

GRP1

• MA_Type: MA type you can choose(EMA/RMA/SMA/HMA), default is 'HMA'.
  
• short_ma_len: MA length of your current timeframe on chart
  

GRP2

• show_short_zz: Show short_ma Zigzag
  
• show_ma_cross_signal: Show ma_cross_signal
  

🎲 Usage

🎯 BOS signal usually worked fine in high volatility market, low volatility is meaningless.

🎯 We can see that it performs well in trending market of different symbols, and BOS is an opportunity to add positions

BTCUSDTPERP


ETHUSDTPERP


🎯 MA Based signal is earlier than pivothigh()/pivotlow() method when trend beginning. it means higher profit-loss rate.

🎯 any questions or suggestion please comment below.

Additionally, I plan to publish 20 profitable strategies in 2023; indicatior not one of them,
let‘s witness it together!

Hope this indicator will be useful for you :)

enjoy! 🚀🚀🚀

Jan 16, 2023

Release Notes

add alert for BOS High/Low at the request of a friend, alert has been tested.
demo message like "BOS Low, BTCUSDTPERP, 21122.6, 2023-01-16T06:33:00Z"
Note: set Trigger to once per bar closed to avoid mistake.

Jan 28, 2023

Release Notes

Enhanced version has been published.
https://www.tradingview.com/script/yHYF0U30-Market-Structure-Double-BOS-Confirm/