A Pine Script indicator that identifies pivot-based swing highs and lows, marking Higher Highs, Lower Highs, Higher Lows, and Lower Lows with visual markers and dotted lines to track market structure.
Explore complementary indicator rolesHow it works
The indicator uses ta.pivothigh() and ta.pivotlow() functions to detect significant pivot points on the price chart. It analyzes price movements to identify key swing points by comparing current price levels with a specified number of preceding and following bars, determined by the pivot_length parameter.
Once pivot points are identified, the script marks Higher Highs (HH), Lower Highs (LH), Higher Lows (HL), and Lower Lows (LL) using color-coded triangular shapes. Dotted lines connect these pivot points, helping traders visualize the evolving market structure and potential trend changes.
Why it may be useful
Identifying market structure is crucial for understanding price dynamics and potential trend reversals or continuations. This indicator provides traders with a visual representation of swing points, allowing them to quickly recognize key price levels and market movements without manual plotting or complex analysis.
By highlighting Higher Highs, Lower Highs, Higher Lows, and Lower Lows, traders can gain insights into the current trend's strength, potential trend changes, and momentum shifts. The color-coded markers and connecting lines make it easier to interpret market structure at a glance.
When to explore it
This indicator is most effective in markets with clear trending or ranging characteristics, where pivot points can be easily identified. It works well across various timeframes, from short-term scalping to longer-term swing trading, making it versatile for different trading styles and strategies.
Traders can benefit from this indicator when seeking to confirm trend direction, identify potential reversal points, or understand market structure. It is particularly useful during periods of price consolidation or when looking to enter or exit trades based on changes in swing highs and lows.
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What we’ve verified
Access, alerts and repainting behaviour have not been independently verified for this indicator. Check the creator’s current publication and settings.
General descriptions and classifications are recovered research. Verified details above identify the specific checks we have completed. Check the creator’s current publication for later changes.
