Candle Perspective Structure Indicator MT5

Candle Perspective Structure Indicator

The Candle Perspective Structure indicator is a powerful tool designed for traders who analyze market structure using swing points and breakout levels. This indicator automatically identifies swing highs, swing lows, and break-of-structure (BOS) levels, displaying them visually on the chart for easier interpretation.

Key Features:

1. Swing Highs and Lows Detection:

   • Identifies major turning points (swing highs and swing lows) based on candlestick patterns.
   • Categorizes swings into specific subtypes:
     • HH (Higher High)
     • LH (Lower High)
     • LL (Lower Low)
     • HL (Higher Low)
     • DB (Double Bottom or Top)

2. Break-of-Structure (BOS) Visualization:

   • Plots BOS lines to indicate where price breaks key swing levels.
   • Customizable line styles, colors, and widths for better chart readability.

3. Customizable Visual Elements:

   • Adjustable label sizes, colors, and visibility for swing points.
   • Fully configurable BOS line appearance.

Input Parameters:

1. General Settings:

   • BarsBack: Define how many past candles the indicator should analyze (default: 1000).

2. Swing Settings:

   • ShowSwingHigh: Toggle the visibility of swing high labels.
   • SwingHighColor: Choose the color of swing high labels.
   • SwingHighSize: Adjust the font size of swing high labels.
   • ShowSwingLow: Toggle the visibility of swing low labels.
   • SwingLowColor: Choose the color of swing low labels.
   • SwingLowSize: Adjust the font size of swing low labels.

3. BOS Settings:

   • ShowBOS: Enable or disable BOS line plotting.
   • BOSColor: Set the color of BOS lines.
   • BOSWidth: Define the thickness of BOS lines.
   • BOSStyle: Choose the BOS line style (solid, dashed, or dotted).

How It Works:

1. The indicator scans historical price data for swing highs and lows.
2. Once a swing point is detected, it categorizes the type (HH, LH, LL, HL) based on its relation to previous swings.
3. If the price breaks a previous swing point, the indicator draws a BOS line to mark the breakout.
4. All elements are dynamically updated as new bars form, ensuring the chart remains current.

Use Cases:

• Market Structure Analysis: Gain a clear perspective on price dynamics by identifying key swing points and structural breakouts.
• Trend Identification: Determine whether the market is in an uptrend, downtrend, or consolidating based on swing subtypes.
• Entry/Exit Signals: Use BOS levels as potential breakout or reversal zones for trade execution.

Why Choose Candle Perspective Structure?

The indicator provides a robust framework for visualizing market structure, helping traders make informed decisions. Its intuitive design and flexibility allow traders to customize it to fit their trading style.

Compatible with all timeframes and instruments, this tool is suitable for both beginners and experienced traders aiming to improve their technical analysis precision.