Vietnamese Market Structure With Counters

This indicator is designed to track Market Structure with Swing-Low Breakdowns and Swing-High Breakups specifically tailored for the Vietnamese stock market, though it can be applied elsewhere too. By default, it uses a 10-period EMA to dynamically detect key turning points in price action and count significant breakdowns or breakups from previous swing levels.

As an open source, you can modify the source code to match your needs.

What it does:

1. Detects when price breaks below previous swing lows or above previous swing highs.
   
3. Plots swing levels for both highs and lows.
   
5. Displays labeled counters on the chart to show how many consecutive breakdowns or breakups have occurred.
   
7. Helps traders identify trend shifts and possible exhaustion in moves.
   

Why it's useful:
This tool is great for visually tracking market momentum and structure changes — especially in trending or volatile environments. It emphasizes structure over indicators, helping you understand price behavior in a simplified, intuitive way.

License:
This script is published under the Mozilla Public License 2.0. Feel free to use, modify, and contribute!

Created with care by @doqkhanh.
If you find it useful, consider leaving a comment or sharing it with others!