Support & Resistance External/Internal & BoS [sgbpulse]

Market Structure Support & Resistance External/Internal & BoS [sgbpulse]


Overview: Smart & Fast Market Structure Analysis

The Market Structure "Support & Resistance External/Internal & BoS [sgbpulse]" indicator is designed to empower your technical analysis by automatically and precisely identifying significant support and resistance levels. It achieves this by pinpointing high and low Pivot Points, plus key Pre-Market High/Low levels.

Its unique strength lies in its dynamic adaptability to any timeframe and any asset you choose. This tool analyzes the relevant market structure for the current timeframe and asset, providing you with accurate and relevant levels in real-time. The indicator maintains a clean chart and swiftly displays all support, resistance, and Pre-Market levels for any asset, saving valuable analysis time and enabling you to get a clear and quick snapshot of the market.


How the Indicator Works

The indicator identifies and displays three critical types of key levels:

1. External Pivots: These are more significant pivot points, indicating important reversal points across a broader range of price movement, considering the current timeframe. The indicator draws dark green support lines (for low pivots) and dark red resistance lines (for high pivots) from these points.
   
2. Internal Pivots: These are shorter-term pivot points, signifying smaller corrections or reversals within the overall structure of the current timeframe. These lines provide additional areas of interest within the ranges of the External Pivots.
   
3. Pre-Market High/Low Levels: The indicator displays the High and Low reached during pre-market hours as distinct lines on the chart. Please note: These levels will only appear when the selected timeframe is lower than one day (e.g., 1-hour, 15-minute) and provided that the "Session extended trading hours" option is enabled in your TradingView chart settings. These levels are crucial for identifying potential opening ranges and critical support/resistance areas upon regular market open, especially for intraday trading.
   

Break of Structure (BoS) Identification

A key feature of this indicator is its ability to identify Break of Structure (BoS). When a support or resistance line is breached, the indicator changes the line's color to gray and displays a "Break of Structure" label, indicating a potential trend change or continuation:

• External BoS: When an external support/resistance line is broken, a "BoS" label in red will appear. This is a strong signal for a potential shift in the primary market structure or a strong trend continuation.
  
• Internal BoS: When an internal support/resistance line is broken, an "iBoS" label in green will appear. This indicates a break within the existing market structure, which can be used to confirm direction or identify shorter-term entry/exit opportunities.
  

Full Indicator Customization

The indicator provides maximum flexibility to suit any trading style and timeframe:

• Number of Lines Displayed: You can choose how many support and resistance lines you want to see on your chart. The default is 15 lines, but you can increase or decrease this number according to your needs and desired level of detail.
  
• External Pivot Settings: Define the number of bars before and after a pivot point required for External Pivot identification.
  
• Internal Pivot Settings: Define the number of bars before and after a pivot point required for Internal Pivot identification.
  
• Color Customization: Full control over colors! You can change the colors of the support and resistance lines, the colors of the Pre-Market levels, and also the colors of the BoS and iBoS labels to create a visual appearance that perfectly matches your personal preferences.
  

This flexibility allows you to adapt the indicator to your trading style and any timeframe you operate in, without needing to manually change settings each time.


Recommended Uses

• Clean Chart & Quick Analysis: The indicator displays important levels clearly, enabling quick identification of areas of interest without visual clutter on the chart. This significantly saves analysis time and allows you to make faster decisions.
  
• Critical Levels for Any Timeframe & Asset: Get precise and adaptive support and resistance, plus essential Pre-Market levels (in relevant timeframes), for any timeframe and on any asset you choose.
  
• Trend Direction Identification: Clear support and resistance lines help understand market structure.
  
• Breakout Confirmation: The BoS label provides visual confirmation of key level breaches, helping to confirm potential trend changes.
  
• Locating Entry & Exit Points: Use these levels as potential areas of interest for trades, after confirming a breakout or reversal.
  
• Finding Stop-Loss & Take-Profit Points: Strategically place protective stops and profit targets around these support and resistance levels.
  

Important Note

Like any technical indicator, Market Structure "Support & Resistance External/Internal & BoS [sgbpulse]" is a supplementary tool. It's highly recommended to use it in conjunction with additional analysis methods (such as price action analysis, other indicators, and fundamental analysis) for informed trading decisions. Financial markets are dynamic, and trading always carries inherent risk.