Turtle Soup MTF

11 jam lalu

💎 GENERAL OVERVIEW

The Turtle Soup (also known generally as Swing Failure Pattern was first published in the book Street Smarts by Laurence A Connors and Linda Raschke. You can learn about it there. It is a great setup for false breakouts trapping both sellers or buyers at an important support or resistance level. This indicator is inspired by the "Swing Failure Pattern" Script published by Lux Algo -> tradingview.com/v/YmWELClV/


FEATURES:

Implementation of ICT's Turtle Soup Strategy
Multi-timeframe settings to view turtle soups on different timeframes
Customizable swing point settings
Customizable confirmation lines
Customizable coolours

📌 HOW DOES IT WORK ?

The Indicator's usage is entirely up to the user it can be used in the following manner:

1. Mark higher timerame liquidity zones after its liquidation and rejection.
When a higher timeframe zone is mitigated and price rejects off it, the indicator will print "Turtle Soup". It could potentially mean a reversal point in the markets


2. Swing confirmation line: After a Turtle Soup has been printed, conservative traders can choose to enter a trade when a candle closes above the confirmation line printed in the opposite direction. A close above the confirmation line can most times mean market is willing to go in the opposite direction after a Turtle Soup raid.

This indicator follows these steps and inform you step by step by plotting them in your chart.

🚩UNIQUENESS
This indicator allow traders to see Turtle Soup on different timeframes. It allows traders to easily see higher probability raids.

⚙️SETTINGS

🔹 MTF Settings

When 'Auto' is enabled (Settings, LTF), the LTF will be the nearest possible x times smaller TF than the current TF. When 'Premium' is disabled, the minimum TF will always be 1 minute to ensure TradingView plans lower than Premium don't get an error.

The concerning LTF can be seen at the right-top (default) corner.

🔶 SETTINGS

Swings: Period used for the swing detection, with higher values returning longer-term Swing Levels.
Bullish Turtle Soup: enable/disable bullish Swing Failure Patterns.
Bearish Turtle Soup: enable/disable bearish Swing Failure Patterns.

🔹 Volume Validation

Validation:
Volume outside swing < Threshold: The volume outside the swing level needs to be lower than x % of the total volume.
Volume outside swing > Threshold: The volume outside the swing level needs to be higher than x % of the total volume.
None: No extra validation is applied.

Volume % Threshold: % of total volume as threshold.

Auto + multiple: Adjusts the initial set LTF
LTF: LTF setting
Premium: Enable when your TradingView plan is Premium or higher

🔹 Dashboard

Show Dashboard: Display applied Lower Timeframe (LTF)
Location: Location of the dashboard
Size: Size of the dashboard

🔹 Style

Swing Lines
Confirmation Lines
Swing Failure Wick
Swing Failure Label
Lines / Labels: Color for lines and labels
SFP Wicks: Color for SFP wick line