PHL Sweep Signals(1 Hour)

PHL Sweep Signals (Full History)
This indicator is designed to identify high-probability reversal setups by detecting liquidity sweeps of the previous standard hour's high and low (PHL). It provides clear, actionable signals complete with visual aids and a data table to keep you in tune with the higher-timeframe context.

Key Features
Previous Hour Levels: Automatically draws the high and low of the previous standard hour as key reference lines for the current trading hour. The line colors rotate to provide a clear visual separation.

Bearish Sweep Signal: Identifies a specific bearish pattern: a green (bullish) candle that wicks above the previous hour's high but fails to hold, with its body remaining entirely below the line.

Bullish Sweep Signal: Identifies the opposite bullish pattern: a red (bearish) candle that wicks below the previous hour's low but is absorbed, with its body remaining entirely above the line.

Clear Visual Signals: When a signal is confirmed, the indicator provides a multi-faceted alert:

Plots a "Buy" or "Sell" arrow on the chart.

Draws a colored box around the signal candle for easy identification.

Displays a label with the potential Stop Loss size (calculated from the size of the signal candle).

Informative Display Table: Includes a convenient table in the corner showing the Open and Close data for the last 3 hours, helping you stay aware of the broader market context without leaving your chart.

Built-in Alerts: Triggers an alert for every confirmed Buy and Sell signal so you never miss a potential setup.

How to Use
This indicator helps you spot potential exhaustion and reversals at key hourly levels.

A "Sell" signal suggests a failed breakout to the upside, indicating potential weakness and a possible entry for shorts.

A "Buy" signal suggests a failed breakdown to the downside, indicating potential strength and a possible entry for longs.

As with any tool, these signals are most powerful when used as part of a comprehensive trading strategy and combined with your own analysis for confirmation.

Optimal Settings:

Timeframe: 5-Minute

Time Zone: UTC-4 (New York Time)

-ratheeshinv