Structure Midline [@Mishu]
Structure Midline follows the market structure leg by leg and draws the midpoint between the last leg high and the last leg low.
How it works
- An up-leg starts when price closes above the high of the previous bar(s); a down-leg starts with a close below the low. The lookback is adjustable (1 = behavior of my original Entry Helper).
- During an up-leg the indicator tracks the highest high (top), during a down-leg the lowest low (bottom).
- Midline = (top + bottom) / 2. Price above the midline = upper half, below = lower half (optionally shaded).
- Optional: a minimum breakout distance in ATR units ignores marginal breaks.
- Structure flips (first up-leg after a down-leg and vice versa) are marked after bar close.
Alerts
Structure flip up / down, close above / below midline - once per bar close.
Limitations
Top and bottom are updated while a leg is running. The midline therefore moves with new extremes - that is by design and not repainting of past values. With a lookback of 1 the structure flips often in sideways markets; higher lookback values or the ATR filter reduce this.
This is a rewritten successor of my earlier "Entry Helper" script (Pine Script v6).
This script is an analysis tool. It does not provide financial advice or trade recommendations.
How it works
- An up-leg starts when price closes above the high of the previous bar(s); a down-leg starts with a close below the low. The lookback is adjustable (1 = behavior of my original Entry Helper).
- During an up-leg the indicator tracks the highest high (top), during a down-leg the lowest low (bottom).
- Midline = (top + bottom) / 2. Price above the midline = upper half, below = lower half (optionally shaded).
- Optional: a minimum breakout distance in ATR units ignores marginal breaks.
- Structure flips (first up-leg after a down-leg and vice versa) are marked after bar close.
Alerts
Structure flip up / down, close above / below midline - once per bar close.
Limitations
Top and bottom are updated while a leg is running. The midline therefore moves with new extremes - that is by design and not repainting of past values. With a lookback of 1 the structure flips often in sideways markets; higher lookback values or the ATR filter reduce this.
This is a rewritten successor of my earlier "Entry Helper" script (Pine Script v6).
This script is an analysis tool. It does not provide financial advice or trade recommendations.
Mishundare – Pine Script developer (IntelligenceFlow). My scripts are analysis tools: no signals, no financial advice, no performance promises. Questions or bugs? Leave a comment under the script.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
Mishundare – Pine Script developer (IntelligenceFlow). My scripts are analysis tools: no signals, no financial advice, no performance promises. Questions or bugs? Leave a comment under the script.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.