[DarkTrader] Swing Orderflow

9 Sep 2024

Swing Orderflow is a indicator that helps traders detect key swing highs and lows in price action. It is designed to enhance your charting experience by highlighting important support and resistance levels while providing clear visual cues on market structure changes. By tracking swing pivots and price trends, this indicator enables traders to make more informed decisions regarding potential entry and exit points in the market.

This indicator is inspired by Fractalyst Indicator :

https://www.tradingview.com/script/E0Ttt6J5-OrderFlow-Probabilities-Fractalyst/

The core functionality of the script revolves around detecting swing highs and lows based on a customizable swing period. It identifies these pivots by comparing price movements over a specific time window, marking the points where price either peaks or bottoms out. Swing highs are plotted as resistance levels when the price breaks above a certain threshold, while swing lows are plotted as support levels when price breaks below it. These key points are represented with dotted lines and labels on the chart for easy reference.

Indicator In Use :


Swing High Calculation

• A swing high occurs when the high of a specific bar (or candle) is greater than the highs of the surrounding bars within a defined range (called the swing period).
  
• Function used to find the highest price within a specified range :
  Pine Script®
• If the current price is greater than the highest price of this period, it's marked as a potential swing high.
  
• A swing high generally represents a resistance level, where the price has reached a peak before declining.
  

Swing Low Calculation

• A swing low occurs when the low of a specific bar is lower than the lows of the surrounding bars within the swing period.
  
• Function used to find the lowest price within a specified range :
  Pine Script®
• If the current price is lower than this lowest price, it's identified as a swing low.
  
• Swing lows represent support levels, where the price reaches a bottom before bouncing back.
  
• These points are plotted on the chart, and the script also tracks whether price breaks above the swing high or below the swing low to determine trends or possible reversals.
  

BSL (Buy Side Liquidity)

• BSL represents the Buy Side Liquidity, where traders are expected to have their buy orders (usually stop-loss orders for short positions).
  
• When the price reaches a swing high, traders who are short may have stop orders placed above this level. Once these levels are breached, the script identifies this as a liquidity area where stop orders get triggered, causing potential upward price movement.
  
• The script marks the swing high with a "BSL" label and line to indicate this key resistance and liquidity zone.
  

SSL (Sell Side Liquidity)

• SSL refers to the Sell Side Liquidity, where traders place sell orders (usually stop-loss orders for long positions).
  
• Swing lows are important levels where traders holding long positions place their stop orders. When the price drops below a swing low, it triggers these sell orders, causing potential downward price movement.
  
• The script marks the swing low with an "SSL" label and line, signaling this key support and liquidity zone.
  

In essence, BSL and SSL represent areas where liquidity is pooled, making them critical points in price action. These liquidity areas, when breached, often lead to aggressive price moves, allowing traders to anticipate trends.

12 Sep 2024

Nota Keluaran

- Added Probability Calculation Options
- Added Pivot Mode (Swing Only or General)