Market Structure Break with Retest (Multi-timeframe)

21시간 전

Introduction

Analyzing market structure breakouts (MSB) is extremely important, especially for determining trend reversal points. This Pine Script™ detects MSB points in a given time frame and visualizes potential retest zones. It also creates boxes and labels to support buy-sell decisions in these zones.

This script aims to simplify the market analysis process for both beginners and advanced users.

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Features

1. Timeframe Selection: The user can specify the timeframe he/she wants to analyze.

2. Highs and Lows: Dynamically calculates the highest and lowest prices in the specified time frame.

3. Market Structure Breakout (MSB):

"Bullish Break" when the price exceeds the previous high.

"Bearish Break" when the price falls below the previous low.

4. Retest Zones: Checks whether the price has returned to these levels after the MSB and labels these areas.

5. Visualization:

Draws boxes for breakout zones.

Marks retest points with dynamic labels.

6. Customizability: The user can customize the colors of the boxes, line thickness and analysis period.

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Areas of Use

Support and Resistance Detection: Ideal for analyzing how the price moves in important support and resistance zones.

Capturing Trend Reversals: Can be used to detect the starting points of uptrends and downtrends.

Retest Strategies: Supports trading decisions by observing the price return to these levels after the breakout.

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Code Logic

1. Highest and Lowest Prices in Timeframe:

Calculates the highest and lowest prices in the specified timeframe according to the length parameter.

2. Breakout Detection:

Check if the price has broken past the previous high or low.

3. Box and Labels:

Boxes are dynamically created after the breakout.

Labels appear in the retest zones:

4. Customization: User can easily adjust box colors, line thickness and analysis period:

Customize the analysis period and colors according to your own trading strategy.

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Conclusion

This script helps you optimize your trading strategies by visualizing market structure breakouts and retest zones. It offers a powerful analysis tool with dynamic structure and customizable settings suitable for timeframes.

Start using this tool now to develop new strategies in TradingView and make more informed trading decisions!