LuxAlgo® - Price Action Concepts™

2020년 10월 22일

Price Action Concepts™ is a first of it's kind all-in-one indicator toolkit which includes various features specifically based on pure price action.

Order Blocks w/ volume data, real-time market structure (BOS, CHoCH, EQH/L) w/ 'CHoCH+' being a more confirmed reversal signal, a MTF dashboard, Trend Line Liquidity Zones (real-time), Chart Pattern Liquidity Zones, Liquidity Grabs, and much more detailed customization to get an edge trading price action automatically.

Many traders argue that trading price action is better than using technical indicators due to lag, complexity, and noisy charts. Popular ideas within the trading space that cater towards price action trading include "trading like the banks" or "Smart Money Concepts trading" (SMC), most prominently known within the forex community.

What differentiates price action trading from others forms of technical analysis is that it's main focus is on raw price data opposed to creating values or plots derived from price history.

Mostly all of the features within this script are generated purely from price action, more specifically; swing highs, swing lows, and market structure... which allows users to automate their analysis of price action for any market / timeframe.

🔶 FEATURES

This script includes many features based on Price Action; these are highlighted below:

• Market structure (BOS, CHoCH, CHoCH+, EQH/L) (Internal & Swing) multi-timeframe
  
• Volumetric Order Blocks & mitigation methods (bullish & bearish)
  
• Liquidity Concepts
  
• Trend Line Liquidity Zones
  
• Chart Pattern Liquidity
  
• Liquidity Grabs Feature
  
• Imbalance Concepts MTF w/ multiple mitigation methods
  
• Fair Value Gaps
  
• Balanced Price Range
  
• Activity Asymmetry
  
• Strong/Weak Highs & Lows w/ volume percentages
  
• Premium & Discount Zones included
  
• Candle Coloring based on market structure
  
• Previous Highs/Lows (Daily, Monday's, Weekly, Monthly, Quarterly)
  
• Multi-Timeframe Dashboard (15m, 1h, 4h, 1d)
  
• Built-in alert conditions & Any Alert() Function Call Conditions
  
• Advanced Alerts Creator to create step-by-step alerts with various conditions
  + more (see changelog below for current features)
  
  🔶 BASIC DEMONSTRATION
  
  In the image above we can see a demonstration of the market structure labeling within this indicator. The automatic BOS & CHoCH labels on top of dashed lines give clear indications of breakouts & reversals within the internal market structure (short term price action). The "CHoCH+" label is also demonstrated as it triggers only if price has already made a new higher low, or lower high.
  
  We can also see a solid line with a larger BOS label in the middle of the chart. This label demonstrates a break of structure taking into account the swing market structure (longer term price action). All of these labels are generated in real-time.
  
  🔶 USAGE & EXAMPLES
  
  In the image below we can see how a trade setup could be created using Order Blocks w/ volume metrics to find points of interest in the market, swing / internal market structure to get indications of longer & shorter term reversals, and trend line liquidity zones to find more likely impulses & breakouts within trends.
  
  
  
  We can see in the next image below that price came down to the highest volume order block marked out previously as our point of interest for an entry used in confluence with the overall market structure being bullish (swing CHoCH). Due to price closing below the middle Order Block at (24.77%), we saw it was mitigated, and then price revisited liquidity above the Trend Line zone above, leading us to the first Order Block as a target.
  
  You will notice the % values adjust as Order Blocks are touched & mitigated, aligning with the correct volume detected when the Order Block was established.
  
  
  
  In the image below we can see more features from within Price Action Concepts™ indicator, including Chart Pattern Liquidity, Fair Value Gaps (one of many Imbalance Concepts), Liquidity Grabs, as well as the primary market structures & OBs.
  
  By using multiple features as such, users can develop a greater interpretation of where liquidity rests in the market, which allows them to develop trading plans a lot easier. Liquidity Grabs are highlighted as blue/red boxes on the wicks during specific price action that indicates the market has made an impulse specifically to take out resting buy or sell side orders.
  
  
  
  We can notice in the trade demonstrated below (hindsight example) how price often moves to the areas of the most liquidity, even if unexpected according to classical technical analysis performed by retail traders such as chart patterns. Wicks to take out orders above & potentially trap traders are much more noticeable with features such as these.
  
  
  
  The Chart Patterns which can be detected include:
  
  Ascending/Descending Wedges (Asc/Desc Wedge)
  Ascending/Descending Broadening Wedges (Asc/Desc BW)
  Ascending/Descending/Symmetrical Triangles (Asc/Desc/Sym Triangle)
  Double Tops/Bottoms (Double Top/Double BTM)
  Head & Shoulders (H&S)
  Inverted Head & Shoulders (IH&S)
  General support & resistance during undetected patterns
  
  In the image below we can see more features from within the indicator, including Balanced Price Range (another imbalance method similar to FVG), Market Structure Candle Coloring, Accumulation & Distribution zones, Premium & Discount zones w/ a percentage on each zone, the MTF dashboard, as well as the Previous Daily Highs & Lows (one of many highs/lows) displayed on the chart automatically.
  
  
  
  The colored candles use more specific market structure analysis, specifically allowing users to visualize when trends are considered "normal" or "strong". By utilizing other features alongside this market structure analysis, such as noticing price retesting the PDL level + the Equilibrium as resistance, a Balanced Price Range below price, the discount with a high 72% metric, and the MTF dashboard displaying an overall bearish structure...
  
  ...users can instantly gain a deeper interpretation of price action, make highly confluent trading plans while avoiding classical technical indicators, and use traditional retail trading concepts such as chart patterns / trend lines to their advantage in finding logical areas of liquidity & points of interest in the market.
  
  The image below shows the previous chart zoomed in with 2 liquidity concepts re-enabled & used alongside a new range targeting the same Discount zone.
  
  
  
  🔶 SETTINGS
• Market Structure Internal: Allows the user to select which internal structures to display (BOS, CHoCH, or None).
  
• Market Structure Swing: Allows the user to select which swing structures to display (BOS, CHoCH, or None).
  
• MTF Scanner: See market structure on various timeframes & how many labels are active consecutively.
  
• Equal Highs & Lows: Displays EQH / EQL labels on chart for detecting equal highs & lows.
  
• Color Candles: Plots candles based on the internal & swing structures from within the indicator on the chart.
  
• Order Blocks Internal: Enables Internal Order Blocks & allows the user to select how many most recent Internal Order Blocks appear on the chart as well as select a color.
  
• Order Blocks Swing: Enables Swing Order Blocks & allows the user to select how many most recent Swing Order Blocks appear on the chart as well as select a color.
  
• Mitigation Method: Allows the user to select how the script mitigates an Order Block (close, wick, or average).
  
• Internal Buy/Sell Activity: Allows the user to display buy/sell activity within Order Blocks & decide their color.
  
• Show Metrics: Allows the user to display volume % metrics within the Order Blocks.
  
• Trend Line Liquidity Zones: Allows the user to display Trend Line Zones on the chart, select the number of Trend Lines visible, & their colors.
  
• Chart Pattern Liquidity: Allows the user to display Chart Patterns on the chart, select the significance of the pattern detection, & their colors.
  
• Liquidity Grabs: Allows the user to display Liquidity Grabs on the chart.
  
• Imbalance Concepts: Allows the user to select the type of imbalances to display on the chart as well as the styling, mitigation method, & timeframe.
  
• Auto FVG Threshold: Filter out non-significant fair value gaps.
  
• Premium/ Discount Zones: Allows the user to display Premium, Discount , and Equilibrium zones on the chart
  
• Accumulation / Distribution: Allows the user to display accumulation & distribution consolidation zones with an optional Consolidation Zig-Zag setting included.
  
• Highs/Lows MTF: Displays previous highs & lows as levels on the chart for the previous Day, Monday, Week, Month, or quarter (3M).
  
• General Styling: Provides styling options for market structure labels, market structure theme, and dashboard customization.
  
• Any Alert() Function Call Conditions: Allows the user to select multiple conditions to use within 1 alert.
  
  🔶 CONCLUSION
  
  Price action trading is a widely respected method for its simplicity & realistic approach to understanding the market itself. Price Action Concepts™ is an extremely comprehensive product that opens the possibilities for any trader to automatically display useful metrics for trading price action with enhanced details in each. While this script is useful, it's critical to understand that past performance is not necessarily indicative of future results and there are many more factors that go into being a profitable trader.
  
  🔶 HOW TO GET ACCESS
  
  You can see the Author's instructions below to get instant access to this indicator & our premium suite.

2021년 1월 14일

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Default display mode changed from Heatmap to Gradient

2021년 2월 15일

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Added version number in the short-title.

2021년 5월 30일

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Renamed Lux Volatility to Lux Metrics & added 2 modes + forecasting.

2021년 8월 2일

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(2.0) Renamed Lux Metrics Premium to Lux Statistics Premium, added a new Pivot Oscillator mode on by default & made minor changes.

2022년 5월 23일

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Lux Statistics Premium is replaced with a brand new toolkit composed of a wide variety of support and resistance methods, with some methods previously available in the Lux Algo Premium Toolkit.

2022년 8월 31일

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Lux Algo SR & Patterns Premium v2.0 includes a new Smart Money Concepts category with Swing Structures, Order Blocks, Liquidity Sweeps (previously Breakout Zones) and the addition of Lux Profile. To update: Refresh, remove & re-add Lux Algo SR & Patterns Premium to your chart & then save your chart layout.

2022년 10월 12일

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Small enhancement to increase usability of the current version:
- Upgraded BOS/CHoCH & SBOS/SCHoCH identification/alerts to be real-time.
- Centered BOS/CHoCH labels on chart.
- Minor changes.

2022년 11월 14일

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Full revamp of LuxAlgo Premium SR & Patterns to LuxAlgo Premium Price Action Concepts 1.0, see description above for a full detailed overview of the indicator in its current version.

2022년 11월 17일

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LuxAlgo Premium Price Action Concepts v1.01 includes the following enhancements & fixes:
- Added the option to hide overlapping order blocks
- Added a setting allowing the option to change text size within order blocks
- Alerts now support CHoCH+
- Fixed an issue causing an error to be displayed when enabling previous highs/lows on low timeframes
- Fixed an issue hiding Liquidity Grab alerts
- Fixed an issue causing the CHoCH MTF scanner to return wrong CHoCH's
- Metrics will return no indication when no volume data is available instead of NaN's
- Minor changes

2022년 12월 1일

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LuxAlgo Premium Price Action Concepts v1.1 includes the following updates listed below. To update to v1.1: Refresh, remove & re-add LuxAlgo Premium Price Action Concepts to your chart & then save your chart layout.

- MTF dashboard scanner now also displays "BOS" with (x) number of consecutive labels to show more details about MTF trends.

- Added alert for price closing within an Order Block, and alert messages for Order Blocks will now return the order block range.

- Alerts set using "any alert() function calls" will return the ticker and timeframe at the start of the message.

- Added the ability to plot Premium/Equilibrium/Discount Zones for alerts + fixed an issue with EQH/EQL alerts not triggering when using "any alert() function call".

2022년 12월 8일

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- Fixed BOS alerts not firing
- Fixed alert message format for patterns
- Fixed alert message for equal lows showing "equal highs"

2023년 2월 6일

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LuxAlgo Price Action Concepts v1.2 includes a new multi-timeframe functionality for Order Blocks w/ volume data, as well as a new 'Strong/Weak Highs/Lows' feature with an added volume % so users can compare strength of both the current range's high & low. To update: Refresh, remove & re-add the indicator to your chart & save your chart layout to ensure it stays.

2023년 2월 6일

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- Fixed wrong Order Blocks prices on certain tickers
- Made Strong/Weak high/low label size able to be controlled by Swing Label size setting in 'General Styling' section

2023년 2월 6일

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- Minor changes

2023년 3월 27일

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- Fixed a bug where detected patterns would be incorrectly displayed in the dashboard
- Fixed equilibrium zone color setting not affecting the zone background

2023년 4월 3일

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LuxAlgo Price Action Concepts v1.2.4 fixes a small bug preventing the pattern tooltip from being displayed on the dashboard when the Pattern Detection feature is enabled.

To get this update, refresh TradingView then remove & re-add the indicator to your chart from your invite-only scripts.

2023년 5월 25일

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LuxAlgo Price Action Concepts v1.3 includes an ability to adjust the Length of market structure + order blocks as well to allow users more customizability. This update also includes the functionality of Breaker Blocks to appear during the mitigation of Order Blocks which also contain volume data themselves. New imbalances have also been added such as volume imbalance & opening gaps which have MTF functionality. This update also includes minor styling changes and removes activity asymmetry + FVG auto threshold settings. To get this update, refresh your TradingView browser or app, then remove the indicator from your chart & add it back again from your invite-only scripts section.

2023년 5월 30일

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LuxAlgo Price Action Concepts v1.3.1 allows users to style the new Breaker Blocks option and fixes minor bugs. To get this update, refresh TradingView (browser or app) and then remove & re-add the indicator to your chart.

2023년 7월 12일

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LuxAlgo Price Action Concepts v1.4 introduces a new Customer Alert Creator with 2 modes (Match & Step) that allows users to build alerts that are based on multiple conditions occurring at once (Match Mode) or a sequence of conditions occurring (Step Mode). This update also adds a MTF functionality for Market Structure, a Volatility Threshold for all imbalances, upgraded area size on Premium / Discount Zones, and a new Equal Highs & Lows setting (now in Liquidity section).

To get this update: Refresh TradingView (browser/app), then remove & re-add the LuxAlgo Price Action Concepts (Premium) indicator from your invite-only scripts.

2023년 7월 12일

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Minor changes

2023년 7월 28일

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Fixed in 1.4.1:

Fixed successive same imbalances showing on chart when enabling MTF imbalances.

2023년 9월 25일

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Added

- New within/entered imbalance alerts

Changed

- Unified steps and match in "Custom alert creator"
- Custom alert condition now returns an output for external sources

2023년 10월 4일

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Temporary removal of market structure scanner fixing memory limit errors.

2023년 10월 19일

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We improved memory-related performance. A new market structure scanner with a customizable timeframe is also introduced.

2023년 11월 3일

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Added "Entered Any", "Entered Bullish", "Entered Bearish" for imbalances conditions in the custom alert creator.

Added a simpler setting for showing short-term or long-term equal highs/lows.

Fixed a bug highlighting "entered"/"within" bearish imbalance being highlighted as a bullish imbalance in the alert message.

Minor changes.

2023년 11월 15일

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New "OR" operator in custom alert condition, allowing to get alerted for multiple user set conditions.

2023년 11월 27일

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- Added "Exit Order Block" and "Exit Imbalance" conditions. This applies to the custom alert creator and "any alert() function call" features.

2023년 12월 19일

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- Prevented duplicate display of the same imbalance when enabling HTF imbalances
- Volume imbalance detection logic change

2023년 12월 20일

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- Fixed an issue preventing certain imbalances to appear

1월 16일

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You can now set a custom alert message for "any alert() function call" conditions, using new placeholders.

Added Zones to the support/resistance lines within Pattern Detection.

Minor changes.

1월 26일

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Added

- New Inversion FVG imbalance

Changed

- Internal market structure length now affects the detected structures in the scanner
- "Within" order block and imbalances logic changed
- Renamed "Balanced Price Range" (BPR) imbalance to "Double FVG"
- Minor changes

2월 22일

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• Changed “Extend Box” setting to “Extend Imbalance”
  
• Changed default imbalances “Extend Imbalance” setting
  
• Changed default imbalances extension logic preventing Inverse FVG’s to get hidden when using 0 for “Extend Imbalance”
  
• Removed market structures scanner
  
• Increased buffer size to reduce `max_bars_back` issues
  
• Fixed pattern detection custom alert conditions not being highlighted on the chart
  

2월 23일

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Minor changes

3월 7일

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- Added placeholders for the numerical input of the custom alert creator second external source condition

4월 10일

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- New invalidation step type
- New supported invalidation behaviors
- Added setting to display swing high/swing low in market structure settings group
- New order block buy volume placeholder for the "Any alert() function call"
- New order block sell volume placeholder for the "Any alert() function call"
- New order block total volume placeholder for the "Any alert() function call"
- Fixed custom alert creator alert message not returning specified placeholders in "any alert() function call message" field

4월 24일

릴리즈 노트

- New "All" filter step type in the custom alert creator
- Users can now specify the maximum intervals (in bars) allowed between step conditions
- Users can now use the internal volume activity of the most recent order block in the custom alert creator
- Added top/bottom locations of an order block in the new order block "any alert() function call" default message

6월 18일

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- Added one additional external condition in the custom alert creator
- Added "Calculated bars" setting, allowing to obtain faster loading times
- Limited liquidity grabs to one plot

8월 7일

릴리즈 노트

- Added Fibonacci replacements feature
- Added setting to control EQH/EQL label size
- Fixed previous week high/low levels not showing up or being located at the wrong locations on the weekly timeframe
- Fixed previous month high/low levels not showing up or being located at the wrong locations on the monthly timeframe

9월 24일

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- Fibonacci's retracements will now anchor to precise swing point locations when using them as an extremity source

5일 전

릴리즈 노트

- New alert scripting feature
- Minor changes