TPCharts Market Structure: Free TradingView Indicator (Pine Script)

Add It to Your TradingView Chart

1Copy the scriptPress Copy script above, or the copy button on the code below.
2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.

Source Code

223 lines of Pine Script v4 from TPCharts-Market-Structure.pine, published under GPL-3.0. Keep the author's credit and licence lines when you reuse it.

TPCharts-Market-Structure.pine

//@version=4
study("TPCharts Market Structure", overlay=true)

var miOff = 2
var nmiOff = -1*miOff

var maOff = 3
var nmaOff = -1*maOff

var eqOff = 1
var neqOff = -1*eqOff

var lastBullCandleIndex = 0
var lastBullCandlePrice = float(na)
var lastBearCandleIndex = 0
var lastBearCandlePrice = float(na)

// Equal Highs (2 par patterns)
var isAllEqualHighPriceLabelShown = input(false, "Show All Equal High Price Labels?")
var isOnlyLastEqualHighPriceLabelShown = input(false, "Show Only Last Equal High Price Label?")
var lastEqualHighIndex = int(na)
var lastEqualHighPrice = float(na)

// Equal Lows (2 par patterns)
var isAllEqualLowPriceLabelShown = input(false, "Show All Equal Low Price Labels?")
var isOnlyLastEqualLowPriceLabelShown = input(false, "Show Only Last Equal Low Price Label?")
var lastEqualLowIndex = int(na)
var lastEqualLowPrice = float(na)

// Minor highs (3 bar pattern)
var isAllMinorHighPriceLabelShown = input(false, "Show All Minor High Price Labels?")
var isOnlyLastMinorHighPriceLabelShown = input(false, "Show Only Last Minor High Price Label?")
var lastMinorHighIndex = int(na)
var lastMinorHighPrice = float(na)

// Minor lows (3 bar pattern)
var isAllMinorLowPriceLabelShown = input(false, "Show All Minor Low Price Labels?")
var isOnlyLastMinorLowPriceLabelShown = input(false, "Show Only Last Minor Low Price Label?")
var lastMinorLowIndex = int(na)
var lastMinorLowPrice = float(na)

// Major Highs (5 par patterns)
var isAllMajorHighPriceLabelShown = input(false, "Show All Major High Price Labels?")
var isOnlyLastMajorHighPriceLabelShown = input(false, "Show Only Last Major High Price Label?")
var lastMajorHighIndex = int(na)
var lastMajorHighPrice = float(na)
var lastMajorHighIndex2 = int(na)
var lastMajorHighPrice2 = float(na)

// Major Lows (5 par patterns)
var isAllMajorLowPriceLabelShown = input(false, "Show All Major Low Price Labels?")
var isOnlyLastMajorLowPriceLabelShown = input(false, "Show Only Last Major Low Price Label?")
var lastMajorLowIndex = int(na)
var lastMajorLowPrice = float(na)
var lastMajorLowIndex2 = int(na)
var lastMajorLowPrice2 = float(na)

var isAllLinesShown = input(false, "Show All Lines?")
var isLastMinorSPLineShown = input(true, "Show Last Minor Swing Point Line?")
var isLastMajorSPLineShown = input(true, "Show Last Minor Swing Point Line?")
var isMSLinesShown = input(false, "Show MS Lines?")

//
// Plot them & create the alerts
//
// createCurrentBarLabel(barindex, value, under) =>
//     label.new(barindex, value*(under ? 0.999 : 1.001), text=tostring(value), color=color.gray, style=under ? label.style_label_up : label.style_label_down)

// createHighLabelAt(barindex, val) => createCurrentBarLabel(barindex, val, false)
// createLowLabelAt(barindex, val) => createCurrentBarLabel(barindex, val, true)

// Equal highs (3 bar pattern)
isEqualHigh = (high[1] == high[2])
if isEqualHigh
    lastEqualHighIndex := bar_index-eqOff
    lastEqualHighPrice := high[eqOff]

plotshape(isEqualHigh, title="Equal Highs", style=shape.xcross, location=location.abovebar, offset=neqOff, color=color.black, transp=80, size = size.tiny)
alertcondition(high > lastMinorHighPrice, title="Chad's Equal High Breaks", message="Last equal high broke")

// Equal Lows (3 bar pattern)
isEqualLow = (low[1] == low[2])
if isEqualLow
    lastEqualLowIndex := bar_index-eqOff
    lastEqualLowPrice := low[eqOff]

plotshape(isEqualLow, title="Equal Lows", style=shape.xcross, location=location.belowbar, offset=neqOff, color=color.black, transp=80, size = size.tiny)
alertcondition(low < lastMinorLowPrice, title="Chad's Equal Low Breaks", message="Last equal low broke")

//  
// MINORS
//

// Minor highs (3 bar pattern)
testIfMinorHigh(i) => (high[i+1] < high[i]) and (high[i-1] < high[i])

isMinorHigh = testIfMinorHigh(miOff) 
if isMinorHigh
    lastMinorHighIndex := bar_index-miOff
    lastMinorHighPrice := high[miOff]

plotshape(isMinorHigh, title="Minor Highs", style=shape.triangleup, location=location.abovebar, offset=nmiOff, color=color.black, transp=80, size = size.tiny) 
alertcondition(high > lastMinorHighPrice, title="Chad's Minor High Breaks", message="Last minor high broke")

// Minor lows (3 bar pattern)
testIfMinorLow(i) => (low[i+1] > low[i]) and (low[i-1] > low[i])

isMinorLow = testIfMinorLow(miOff) 
if isMinorLow
    lastMinorLowIndex := bar_index-miOff
    lastMinorLowPrice := low[miOff]

plotshape(isMinorLow, title="Minor Lows", style=shape.triangledown, location=location.belowbar, offset=nmiOff, color=color.black, transp=80, size = size.tiny) 
alertcondition(low < lastMinorLowPrice, title="Chad's Minor Low Breaks", message="Last minor low broke")

//
// MAJORS
//
// Major Highs (5 par patterns)
isMajorHigh = testIfMinorHigh(maOff) and (high[maOff+2] < high[maOff]) and (high[maOff-2] < high[maOff])
if isMajorHigh
    lastMajorHighIndex2 := lastMajorHighIndex
    lastMajorHighIndex := bar_index-maOff
    lastMajorHighPrice2 := lastMajorHighPrice
    lastMajorHighPrice := high[maOff]

plotshape(isMajorHigh, title="Major Highs", style=shape.circle, location=location.abovebar, offset=nmaOff, color=color.black, transp=60, size=size.tiny) 
alertcondition(high > lastMajorHighPrice, title="Chad's Major High Breaks", message="Last major high broke")

// Major Lows (5 par patterns)
isMajorLow = testIfMinorLow(maOff) and (low[maOff+2] > low[maOff]) and (low[maOff-2] > low[maOff])
if isMajorLow
    lastMajorLowIndex2 := lastMajorLowIndex
    lastMajorLowIndex := bar_index-maOff
    lastMajorLowPrice2 := lastMajorLowPrice
    lastMajorLowPrice := low[maOff]

plotshape(isMajorLow, title="Major Lows", style=shape.circle, location=location.belowbar, offset=nmaOff, color=color.black, transp=60, size = size.tiny) 
alertcondition(low < lastMajorLowPrice, title="Chad's Major Low Breaks", message="Last major low broke")

// Market Structure
isCandleBull(i) => close[i] > open[i]
isCandleBear(i) => not isCandleBull(i)
testIfBullStructure() => lastMajorHighPrice > lastMajorHighPrice2 and lastMajorLowPrice > lastMajorLowPrice2
testIfBearStructure() => lastMajorLowPrice < lastMajorLowPrice2 and lastMajorHighPrice < lastMajorHighPrice2

float lastBearCandleHigh = float(na)
float lastBearCandleLow = float(na)
float lastBearCandleMid = float(na)
float lastBullCandleHigh = float(na)
float lastBullCandleLow = float(na)
float lastBullCandleMid = float(na)
line bullMSB = na
line bearMSB = na
line lastBearCandleMidLine = na
line lastBearCandleLine = na
// bearMSCcount = cum(close >= open ? 1 : 0)
// bullMSCcount = cum(close >= open ? 1 : 0)

bearMSCcount = 0
bullMSCcount = 0

if isMSLinesShown
    isBullStructure = testIfBullStructure()
    if isBullStructure
        bearMSB = line.new(x1=lastMajorLowIndex2, y1=lastMajorLowPrice2, x2=lastMajorLowIndex2+1, y2=lastMajorLowPrice2, extend=extend.right, color=color.red)
        if not isAllLinesShown
            line.delete(bearMSB[1])
        
        line.delete(lastBearCandleLine)
        line.delete(lastBearCandleMidLine)


        if isCandleBear(1)
            lastBearCandleHigh = high[1]
            lastBearCandleLow = low[1]
            lastBearCandleMid = low[1] + ((lastBearCandleHigh - lastBearCandleLow) / 2)

            lastBearCandleMidLine = line.new(x1=bar_index-1, y1=lastBearCandleMid, x2=bar_index, y2=lastBearCandleMid, extend=extend.right, color=color.gray)
            line.delete(lastBearCandleMidLine[1])
            
            lastBearCandleLine = line.new(x1=bar_index-1, y1=open[1], x2=bar_index, y2=open[1], extend=extend.right, color=color.blue)
            line.delete(lastBearCandleLine[1])


    // alertcondition(isBullStructure and (close < lastMajorLowPrice2), title="Chad's Bearish MSB", message="Bearish MSB")

    isBearStructure = testIfBearStructure()
    if isBearStructure
        bullMSB = line.new(x1=lastMajorHighIndex2, y1=lastMajorHighPrice2, x2=lastMajorHighIndex2+1, y2=lastMajorHighPrice2, extend=extend.right, color=color.green)
        if not isAllLinesShown
            line.delete(bullMSB[1])

        if isCandleBull(1)
            lastBullCandleHigh = high[1]
            lastBullCandleLow = low[1]
            lastBullCandleMid = low[1] + ((lastBullCandleHigh - lastBullCandleLow) / 2)

            lastBullCandleMidLine = line.new(x1=bar_index-1, y1=lastBullCandleMid, x2=bar_index, y2=lastBullCandleMid, extend=extend.right, color=color.gray)
            line.delete(lastBullCandleMidLine[1])
            
            lastBullCandleLine = line.new(x1=bar_index-1, y1=close[1], x2=bar_index, y2=close[1], extend=extend.right, color=color.blue)
            line.delete(lastBullCandleLine[1])


    // alertcondition(isBearStructure and (close > lastMajorHighPrice2), title="Chad's Bullish MSB", message="Bullish MSB")

if barstate.islast
    if(isLastMajorSPLineShown) 
        line.new(x1 = lastMajorHighIndex, y1 = lastMajorHighPrice, x2 = lastMajorHighIndex+1, y2 = lastMajorHighPrice, extend=extend.right, color=color.gray)
        label.new(lastMajorHighIndex, lastMajorHighPrice, "LMaH", yloc=yloc.abovebar, style=label.style_none)

        line.new(x1 = lastMajorLowIndex, y1 = lastMajorLowPrice, x2 = lastMajorLowIndex+1, y2 = lastMajorLowPrice, extend=extend.right, color=color.gray)
        label.new(lastMajorLowIndex, lastMajorLowPrice, "LMaL", yloc=yloc.belowbar, style=label.style_none)

    if(isLastMinorSPLineShown)
        if lastMinorHighIndex != lastMajorHighIndex
            line.new(x1 = lastMinorHighIndex, y1 = lastMinorHighPrice, x2 = lastMinorHighIndex+1, y2 = lastMinorHighPrice, extend=extend.right, color=color.gray)
            label.new(lastMinorHighIndex, lastMinorHighPrice, "LMiH", yloc=yloc.abovebar, style=label.style_none)

        if lastMinorLowIndex != lastMajorLowIndex
            line.new(x1 = lastMinorLowIndex, y1 = lastMinorLowPrice, x2 = lastMinorLowIndex+1, y2 = lastMinorLowPrice, extend=extend.right, color=color.gray)
            label.new(lastMinorLowIndex, lastMinorLowPrice, "LMiL", yloc=yloc.belowbar, style=label.style_none)

Overview

TPCharts Market Structure identifies equal highs and lows using two-bar patterns, minor highs and lows with three-bar patterns, and major highs and lows with five-bar patterns. Plot shapes indicate these points with options to show all instances or only the last one, along with toggleable lines for swing points. Inputs control visibility of each element. The script draws shapes and labels directly on the price chart.

Equal Highs
Minor Lows
Major Highs
Swing Point Lines
Pattern Detection

Details

Published by

TPCharts on GitHub

Type

Indicator, Pine Script v4

Draws

On the price chart

Markets

Any symbol

Timeframes

Any timeframe

Risk Notes

No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.

File

TPCharts-Market-Structure.pine

Repository

github.com/TPCharts/TradingViewIndicators. See its other scripts in the library

Settings

The inputs you can change from the gear icon on the chart. Defaults are the author's.

Setting	Type	Default	Variable
Show All Equal High Price Labels?	`bool`	`false`	`isAllEqualHighPriceLabelShown`
Show Only Last Equal High Price Label?	`bool`	`false`	`isOnlyLastEqualHighPriceLabelShown`
Show All Equal Low Price Labels?	`bool`	`false`	`isAllEqualLowPriceLabelShown`
Show Only Last Equal Low Price Label?	`bool`	`false`	`isOnlyLastEqualLowPriceLabelShown`
Show All Minor High Price Labels?	`bool`	`false`	`isAllMinorHighPriceLabelShown`
Show Only Last Minor High Price Label?	`bool`	`false`	`isOnlyLastMinorHighPriceLabelShown`
Show All Minor Low Price Labels?	`bool`	`false`	`isAllMinorLowPriceLabelShown`
Show Only Last Minor Low Price Label?	`bool`	`false`	`isOnlyLastMinorLowPriceLabelShown`
Show All Major High Price Labels?	`bool`	`false`	`isAllMajorHighPriceLabelShown`
Show Only Last Major High Price Label?	`bool`	`false`	`isOnlyLastMajorHighPriceLabelShown`
Show All Major Low Price Labels?	`bool`	`false`	`isAllMajorLowPriceLabelShown`
Show Only Last Major Low Price Label?	`bool`	`false`	`isOnlyLastMajorLowPriceLabelShown`

Show all 16 settings

Setting	Type	Default	Variable
Show All Lines?	`bool`	`false`	`isAllLinesShown`
Show Last Minor Swing Point Line?	`bool`	`true`	`isLastMinorSPLineShown`
Show Last Minor Swing Point Line?	`bool`	`true`	`isLastMajorSPLineShown`
Show MS Lines?	`bool`	`false`	`isMSLinesShown`

Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.

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