OPEN-SOURCE SCRIPT
SMC Indicator
Title: Smart Money Concepts [SMC] Structure & ZigZag
Description: Master market structure with this precision Smart Money Concepts (SMC) tool. Unlike standard ZigZag indicators that repaint (change the past) as price moves, this indicator utilizes a robust, non-repainting detection engine to objectively map Swing Highs, Swing Lows, and structural breaks.
It is designed to help traders identify the true trend direction and spot critical reversal points without the confusion of disappearing signals.
How It Works:
1. Non-Repainting Pivots: The core of this indicator is a custom ZigZag algorithm that "locks in" Swing Highs (H) and Swing Lows (L) only after they are statistically confirmed by a user-defined deviation. Once a label appears, it stays there.
2. Break of Structure (BoS):
Signal: Trend Continuation.
Logic: Triggers when price breaks and closes past a confirmed pivot in the direction of the current trend.
Use Case: confirms the trend is healthy and identifies opportunities to join the move.
3. Change of Character (CHoCH):
Signal: Trend Reversal.
Logic: Triggers when price breaks a key pivot in the opposite direction of the current trend.
Use Case: Serves as an early warning signal that the trend may be ending or reversing.
4. The Ghost Line: A dotted line connects the last confirmed pivot to the current live price. This helps you visualize the developing leg of the structure before it is confirmed.
Visual Guide:
🔵 Blue Label: Bullish Break of Structure (BoS).
🔴 Maroon Label: Bearish Break of Structure (BoS).
🟢 Aqua Label: Bullish Change of Character (CHoCH).
🟠 Orange Label: Bearish Change of Character (CHoCH).
H / L: Confirmed Swing Highs and Lows.
Features:
Precision Tuning: "Deviation %" input supports values as low as 0.01 for scalping on 1-minute charts.
Smart Tooltips: Hover over settings to see recommended values for Daily, Hourly, and Minute timeframes.
Clean Visuals: Uses text-only labels to keep the chart clutter-free.
Alerts: Fully alert-enabled for Bullish/Bearish BoS and CHoCH signals.
Credits: This script is built upon classic Market Structure theory and Smart Money Concepts (SMC), optimized for real-time reliability.
Description: Master market structure with this precision Smart Money Concepts (SMC) tool. Unlike standard ZigZag indicators that repaint (change the past) as price moves, this indicator utilizes a robust, non-repainting detection engine to objectively map Swing Highs, Swing Lows, and structural breaks.
It is designed to help traders identify the true trend direction and spot critical reversal points without the confusion of disappearing signals.
How It Works:
1. Non-Repainting Pivots: The core of this indicator is a custom ZigZag algorithm that "locks in" Swing Highs (H) and Swing Lows (L) only after they are statistically confirmed by a user-defined deviation. Once a label appears, it stays there.
2. Break of Structure (BoS):
Signal: Trend Continuation.
Logic: Triggers when price breaks and closes past a confirmed pivot in the direction of the current trend.
Use Case: confirms the trend is healthy and identifies opportunities to join the move.
3. Change of Character (CHoCH):
Signal: Trend Reversal.
Logic: Triggers when price breaks a key pivot in the opposite direction of the current trend.
Use Case: Serves as an early warning signal that the trend may be ending or reversing.
4. The Ghost Line: A dotted line connects the last confirmed pivot to the current live price. This helps you visualize the developing leg of the structure before it is confirmed.
Visual Guide:
🔵 Blue Label: Bullish Break of Structure (BoS).
🔴 Maroon Label: Bearish Break of Structure (BoS).
🟢 Aqua Label: Bullish Change of Character (CHoCH).
🟠 Orange Label: Bearish Change of Character (CHoCH).
H / L: Confirmed Swing Highs and Lows.
Features:
Precision Tuning: "Deviation %" input supports values as low as 0.01 for scalping on 1-minute charts.
Smart Tooltips: Hover over settings to see recommended values for Daily, Hourly, and Minute timeframes.
Clean Visuals: Uses text-only labels to keep the chart clutter-free.
Alerts: Fully alert-enabled for Bullish/Bearish BoS and CHoCH signals.
Credits: This script is built upon classic Market Structure theory and Smart Money Concepts (SMC), optimized for real-time reliability.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.