OPEN-SOURCE SCRIPT
omarnowick
Description:
This indicator combines several price action tools designed to help traders analyze market structure, momentum candles, and trading sessions directly on the chart.
The script highlights structural shifts in price, identifies strong momentum candles, and provides additional tools for session awareness and risk management.
Features:
1) No Wick Momentum Candles
The script detects candles where the open equals the high or low.
These candles often indicate strong directional pressure because price moves immediately in one direction without initial rejection.
Triangles are plotted on these candles to highlight potential momentum moves.
2) Market Structure (HH / HL / LH / LL)
Swing highs and lows are detected using pivot logic.
Based on these pivots, the indicator labels the current market structure:
Higher High (HH) (made the color more customizable)
Higher Low (HL) (made the color more customizable)
Lower High (LH) (made the color more customizable)
Lower Low (LL) (made the color more customizable)
This helps traders visually follow trend direction.
3) Break of Structure (BOS) & Change of Character (CHOCH)
When price breaks previously identified structural levels, the script marks the event as either:
Break of Structure (BOS) – continuation of the current trend
Change of Character (CHOCH) – potential early shift in market direction
Lines are drawn to show where the structural break occurred.
4) Trading Sessions
The indicator can highlight major trading sessions:
Asia
London
New York
Session backgrounds help visualize periods of higher market activity.
5) Session Break Zone
A customizable time range can be displayed as a No Trading Zone to highlight periods where a trader may prefer to avoid trading.
The script can also project the next upcoming zone into the future.
6) Risk Dashboard
A built-in risk calculator displays:
Account balance
Risk percentage
Stop loss size
Calculated lot size
This allows traders to quickly estimate position size based on their risk parameters.
7) Manual Backtest Dashboard
A simple dashboard allows traders to manually track wins and losses when reviewing historical trades, automatically calculating total trades and win rate.
Notes:
This indicator is designed as a chart analysis tool and should be used alongside a trader’s own analysis and risk management.
This indicator combines several price action tools designed to help traders analyze market structure, momentum candles, and trading sessions directly on the chart.
The script highlights structural shifts in price, identifies strong momentum candles, and provides additional tools for session awareness and risk management.
Features:
1) No Wick Momentum Candles
The script detects candles where the open equals the high or low.
These candles often indicate strong directional pressure because price moves immediately in one direction without initial rejection.
Triangles are plotted on these candles to highlight potential momentum moves.
2) Market Structure (HH / HL / LH / LL)
Swing highs and lows are detected using pivot logic.
Based on these pivots, the indicator labels the current market structure:
Higher High (HH) (made the color more customizable)
Higher Low (HL) (made the color more customizable)
Lower High (LH) (made the color more customizable)
Lower Low (LL) (made the color more customizable)
This helps traders visually follow trend direction.
3) Break of Structure (BOS) & Change of Character (CHOCH)
When price breaks previously identified structural levels, the script marks the event as either:
Break of Structure (BOS) – continuation of the current trend
Change of Character (CHOCH) – potential early shift in market direction
Lines are drawn to show where the structural break occurred.
4) Trading Sessions
The indicator can highlight major trading sessions:
Asia
London
New York
Session backgrounds help visualize periods of higher market activity.
5) Session Break Zone
A customizable time range can be displayed as a No Trading Zone to highlight periods where a trader may prefer to avoid trading.
The script can also project the next upcoming zone into the future.
6) Risk Dashboard
A built-in risk calculator displays:
Account balance
Risk percentage
Stop loss size
Calculated lot size
This allows traders to quickly estimate position size based on their risk parameters.
7) Manual Backtest Dashboard
A simple dashboard allows traders to manually track wins and losses when reviewing historical trades, automatically calculating total trades and win rate.
Notes:
This indicator is designed as a chart analysis tool and should be used alongside a trader’s own analysis and risk management.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.