OPEN-SOURCE SCRIPT

ICT Immediate Rebalance [LuxAlgo]

The ICT Immediate Rebalance aims at detecting and highlighting immediate rebalances, a concept taught by Inner Circle Trader. The ICT Immediate Rebalance, although frequently overlooked, emerges as one of ICT's most influential concepts, particularly when considered within a specific context.

🔶 USAGE

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Immediate rebalances, a concept taught by ICT, hold significant importance in decision-making. To comprehend the concept of immediate rebalance, it's essential to grasp the notion of the fair value gap. A fair value gap arises from market inefficiencies or imbalances, whereas an immediate rebalance leaves no gap, no inefficiencies, or no imbalances that the price would need to return to.

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Following an immediate rebalance, the typical expectation is for two extension candles to ensue; failing this, the immediate rebalance is deemed unsuccessful. It's important to note that both failed and successful immediate rebalances hold significance in trading when analyzed within a contextual framework.

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Immediate rebalances can manifest across various locations and timeframes. It's recommended to analyze them in conjunction with other ICT tools or technical indicators to gain a more comprehensive understanding of market dynamics.

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🔹 Multi Timeframe

The script facilitates multi-timeframe analysis, enabling users to display immediate rebalances from higher timeframes.

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Enabling the display of higher timeframe candles helps visualize the detected immediate rebalance patterns.

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🔹 Dashboard

The dashboard offers statistical insights into immediate rebalances.

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🔶 SETTINGS

🔹 Immediate Rebalances

  • Timeframe: this option is to identify immediate rebalances from higher timeframes. If a timeframe lower than the chart's timeframe is selected, calculations will be based on the chart's timeframe.
  • Bullish, and Bearish Immediate Rebalances: color customization options.
  • Wicks 75%, %50, and %25: color customization options of the wick price levels for the detected immediate rebalances.
  • Immediate Rebalance Candles: toggles the visualization of higher timeframe candles where immediate rebalance is detected.
  • Confirmation (Bars): specifies the number of bars required to confirm the validation of the detected immediate rebalance.
  • Immediate Rebalance Icon: allows customization of the size of the icon used to represent the immediate rebalance.


🔹 Dashboard

  • Dashboard: toggles the visualization of the dashboard, sets its location, and customizes the size of the dashboard.


🔶 RELATED SCRIPTS

Fair-Value-Gap

Thanks to our community for recommending this script. For more conceptual scripts and related content, we welcome you to explore by visiting >>> LuxAlgo-Scripts.
Candlestick analysiscandlestickpatternChart patternsictimmediaterebalanceinnercircletraderluxalgopatternpriceactionanalysisrebalance

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