OPEN-SOURCE SCRIPT
Dow Theory Market Structure Pro
Dow Theory Market Structure Pro is a price-action indicator designed to help traders identify and interpret market trends using classic Dow Theory principles.
The indicator automatically detects confirmed swing highs and swing lows and classifies the evolving market structure as:
A sequence of Higher Highs and Higher Lows indicates a bullish structure, while Lower Highs and Lower Lows indicate a bearish structure. Mixed structures are classified as a range or transition phase.
Key Features
The indicator assigns one point to each bullish structural condition and subtracts one point for each bearish condition:
The latest confirmed swing high is displayed as resistance, while the latest confirmed swing low is displayed as support. These levels automatically update when a new pivot is confirmed.
A breakout signal occurs when price closes above the current confirmed resistance. A breakdown signal occurs when price closes below the current confirmed support.
Multi-Timeframe View
The dashboard compares Daily and Weekly Dow Theory structures to indicate whether the two timeframes are bullishly aligned, bearishly aligned or mixed.
Important Note
Swing points are confirmed using a user-defined Pivot Length. Because confirmation requires additional bars to form after a potential turning point, swing labels and structure changes appear with an intentional delay. Increasing Pivot Length identifies fewer, more significant swings, while decreasing it produces faster but more sensitive signals.
This indicator is intended for market-structure analysis and trend confirmation. It does not predict future price movements or provide standalone buy or sell recommendations.
Disclaimer
This script is provided for educational and analytical purposes only and does not constitute financial advice. Market-structure signals, support and resistance levels, breakouts, breakdowns and multi-timeframe readings may produce false or delayed signals. Users should perform independent analysis and apply appropriate risk management before making investment or trading decisions.
The indicator automatically detects confirmed swing highs and swing lows and classifies the evolving market structure as:
- HH: Higher High
- HL: Higher Low
- LH: Lower High
- LL: Lower Low
A sequence of Higher Highs and Higher Lows indicates a bullish structure, while Lower Highs and Lower Lows indicate a bearish structure. Mixed structures are classified as a range or transition phase.
Key Features
- Automatic HH, HL, LH and LL identification
- Swing-high and swing-low trend lines
- Dynamic support and resistance levels
- Bullish breakout and bearish breakdown signals
- Bull, bear and range market classification
- Trend-strength score from -2 to +2
- Daily and weekly market-structure comparison
- Multi-timeframe trend-alignment status
- Price position within the current support-resistance range
- Upside-to-downside distance calculation
- Customisable dashboard, colours and display settings
- Alert conditions for structural changes, breakouts and breakdowns
- Trend-Strength Framework
The indicator assigns one point to each bullish structural condition and subtracts one point for each bearish condition:
- +2: Strong Bull, with HH and HL
- +1: Bullish Bias
- 0: Range or Transition
- -1: Bearish Bias
- -2: Strong Bear, with LH and LL
- Support and Resistance
The latest confirmed swing high is displayed as resistance, while the latest confirmed swing low is displayed as support. These levels automatically update when a new pivot is confirmed.
A breakout signal occurs when price closes above the current confirmed resistance. A breakdown signal occurs when price closes below the current confirmed support.
Multi-Timeframe View
The dashboard compares Daily and Weekly Dow Theory structures to indicate whether the two timeframes are bullishly aligned, bearishly aligned or mixed.
Important Note
Swing points are confirmed using a user-defined Pivot Length. Because confirmation requires additional bars to form after a potential turning point, swing labels and structure changes appear with an intentional delay. Increasing Pivot Length identifies fewer, more significant swings, while decreasing it produces faster but more sensitive signals.
This indicator is intended for market-structure analysis and trend confirmation. It does not predict future price movements or provide standalone buy or sell recommendations.
Disclaimer
This script is provided for educational and analytical purposes only and does not constitute financial advice. Market-structure signals, support and resistance levels, breakouts, breakdowns and multi-timeframe readings may produce false or delayed signals. Users should perform independent analysis and apply appropriate risk management before making investment or trading decisions.
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オープンソーススクリプト
TradingViewの精神に則り、このスクリプトの作者はコードをオープンソースとして公開してくれました。トレーダーが内容を確認・検証できるようにという配慮です。作者に拍手を送りましょう！無料で利用できますが、コードの再公開はハウスルールに従う必要があります。
免責事項
これらの情報および投稿は、TradingViewが提供または承認する金融、投資、取引、またはその他の種類の助言もしくは推奨であることを意図したものではなく、またこれらに該当するものでもありません。詳細は利用規約をご覧ください。