OPEN-SOURCE SCRIPT
Combined Cluster & Market Structure
I barrowed code from the Mxwll Price Action Suite [Mxwll] script as appreciated the structure in which the script defined structure, however I renamed variables and reduced the original script to define only the outer structure. I added volume and CVD clustering to define ranges and initiation market structures and add the ADX to assist with determining trend strength prior to labeling market structure breaks.
Combined Cluster & Market Structure indicator, a powerful and comprehensive tool for technical analysis. This script integrates two core concepts to provide a holistic view of market dynamics:
Z-Score Clustering & Volume Analysis: The indicator calculates Z-scores for both volume and Cumulative Volume Delta (CVD) to categorize market activity into six distinct clusters:
High-Conviction Bullish/Bearish: Signals of strong directional momentum based on high volume and corresponding CVD.
Effort vs. Result: High volume with moderate CVD, suggesting potential indecision or absorption.
Quiet Accumulation/Distribution: Low-volume periods with strong CVD, often preceding major moves.
Low Conviction/Noise: Represents periods of low market participation and weak signals.
These clusters are visually marked on the chart to provide real-time insight into market sentiment.
Market Structure Mapping: The indicator automatically detects and labels significant structural points to help you navigate price action. It identifies:
Higher Highs (HH) and Lower Lows (LL) to show the primary trend direction.
Breaks of Structure (BoS), indicating trend continuation.
Changes of Character (CHoCH), signaling a potential trend reversal.
Additionally, the script features consolidation box detection, which automatically highlights periods of low-conviction market activity, helping you avoid choppy, sideways markets. An integrated ADX filter ensures that structural breaks are only labeled during periods of strong trend strength, reducing false signals.
I want to thank Mxwll Capital for their contribution to the Combined Cluster & Market Structure indicator.
Combined Cluster & Market Structure indicator, a powerful and comprehensive tool for technical analysis. This script integrates two core concepts to provide a holistic view of market dynamics:
Z-Score Clustering & Volume Analysis: The indicator calculates Z-scores for both volume and Cumulative Volume Delta (CVD) to categorize market activity into six distinct clusters:
High-Conviction Bullish/Bearish: Signals of strong directional momentum based on high volume and corresponding CVD.
Effort vs. Result: High volume with moderate CVD, suggesting potential indecision or absorption.
Quiet Accumulation/Distribution: Low-volume periods with strong CVD, often preceding major moves.
Low Conviction/Noise: Represents periods of low market participation and weak signals.
These clusters are visually marked on the chart to provide real-time insight into market sentiment.
Market Structure Mapping: The indicator automatically detects and labels significant structural points to help you navigate price action. It identifies:
Higher Highs (HH) and Lower Lows (LL) to show the primary trend direction.
Breaks of Structure (BoS), indicating trend continuation.
Changes of Character (CHoCH), signaling a potential trend reversal.
Additionally, the script features consolidation box detection, which automatically highlights periods of low-conviction market activity, helping you avoid choppy, sideways markets. An integrated ADX filter ensures that structural breaks are only labeled during periods of strong trend strength, reducing false signals.
I want to thank Mxwll Capital for their contribution to the Combined Cluster & Market Structure indicator.
Скрипт с открытым кодом
В истинном духе TradingView автор этого скрипта опубликовал его с открытым исходным кодом, чтобы трейдеры могли понять, как он работает, и проверить на практике. Вы можете воспользоваться им бесплатно, но повторное использование этого кода в публикации регулируется Правилами поведения.
Отказ от ответственности
Все виды контента, которые вы можете увидеть на TradingView, не являются финансовыми, инвестиционными, торговыми или любыми другими рекомендациями. Мы не предоставляем советы по покупке и продаже активов. Подробнее — в Условиях использования TradingView.
Скрипт с открытым кодом
В истинном духе TradingView автор этого скрипта опубликовал его с открытым исходным кодом, чтобы трейдеры могли понять, как он работает, и проверить на практике. Вы можете воспользоваться им бесплатно, но повторное использование этого кода в публикации регулируется Правилами поведения.
Отказ от ответственности
Все виды контента, которые вы можете увидеть на TradingView, не являются финансовыми, инвестиционными, торговыми или любыми другими рекомендациями. Мы не предоставляем советы по покупке и продаже активов. Подробнее — в Условиях использования TradingView.