Description
The REA_Structure_HHLL was created to identify and classify each high and low, to better recognize the current market structure (in the current timeframe e.g. M5). It also recognizes the external structure of a second timeframe (e.g. H1) set in the parameters.
Furthermore, it allows you to view all structure breaks (BoS) and character changes (ChoCh) of the structure.
Functionality
- Higher High (HH), Higher Low (HL), Lower Low (LL), Lower High (LH) of the current structure.
- Higher High (HH – ST), Higher Low (HL – ST), Lower Low (LL – ST), Lower High (LH – ST) of the external structure (second timeframe in the parameters).
- Breaks of Structure (BoS) green dotted lines for upward breaks, red for downward breaks.
- Character changes (ChoCh) continuous green lines for upward changes, red for downward changes.
Parameters:
- Look Back Period: Set the minimum number of candles to analyze to confirm a high or low (Default: 6
- Use Second TF: Set Yes if you want to display the external structure of the second timeframe.
- Second TF: Set the second timeframe on which you want to display the external structure.
- Bos: Set to Yes to view Structure Breaks (BoS)
- ChoCh. Set to Yes to display character changes (ChoCh)