Break of Structure & Change of Character

This Break of Structure & Change of Character indicator is a fully customizable Pine Script v6 tool designed to help you spot key market structure shifts on any timeframe (optimized by default for 5‑minute charts). Here’s what it does and how to tailor it:

What It Detects
Swing Pivots

Finds local swing highs and lows over a configurable lookback (Pivot Lookback).

Break of Structure (BOS)

Marks when price closes beyond the last swing high (bullish BOS) or below the last swing low (bearish BOS), using an ATR‑based buffer to filter out minor moves.

Change of Character (CHoCH)

After a BOS, watches for price to reverse back through that level (e.g. a drop below the higher‑low after a bullish BOS), signaling a potential shift in momentum.

Key Inputs & Features
Pivot Lookback (pivotLen): How many bars to look back for pivots (default 8 for a 5‑min chart).

Fast Mode: When enabled, halves both the pivot lookback and ATR threshold for quicker—but noisier—signals.

ATR Threshold (atrLen & atrMult): Uses ATR(atrLen) × atrMult to require a minimum follow‑through beyond the pivot for a valid BOS/CHoCH.

Show Labels / Show Pivot Labels: Toggle on/off all structure labels or just pivot “x” markers.

Appearance Customization
Colors: Choose separate colors for pivot highs/lows, BOS labels, CHoCH labels, and structure lines.

Line Style: Select “Solid”, “Dotted”, or “Dashed” for your swing‑level lines.

Label Size & Style: Pick “Tiny”, “Small”, or “Normal” text size and choose label orientation (Up/Down/Left/Right) independently for pivots, BOS, and CHoCH.

Pivot Label Text: Change the pivot marker from the default “x” to any character you prefer.

How to Use
Add to Chart: Apply it on a 5‑minute chart (you’ll get a one‑time notice if you’re on another timeframe).

Tweak Inputs: Adjust pivot lookback, ATR multiplier, and toggle Fast Mode to suit your style.

Interpret Signals:

Green “BOS↑” or red “BOS↓” labels mark structure breaks.

Orange “CHoCH↓” or “CHoCH↑” labels flag the reversal through that level.

Dotted (or styled) lines trace the last swing high/low for visual reference.