MSRanges

📖 Market Structure with Ranges —

What this script does

This indicator highlights market structure on any symbol or timeframe. It automatically marks:

Swing points: Higher High (HH), Lower High (LH), Higher Low (HL), Lower Low (LL).

Break of Structure (BOS) and optional Change of Character (CHoCH) events.

Price ranges: each new swing label shows the difference from the last swing in price units (e.g. HH (54.8) or LL (-169.5)).

This lets you see at a glance whether the market is trending, consolidating, or shifting character.

How it works

1. Pivot detection
   

Uses TradingView’s ta.pivothigh / ta.pivotlow with a user-set Swing Length.

A pivot is confirmed only after the right-hand bars pass, so labels appear with a delay equal to Swing Length.

1. Swing classification
   

Each new pivot is compared with the previous pivot:

If a new high is higher than the last → HH.

If a new high is lower → LH.

If a new low is higher → HL.

If a new low is lower → LL.

1. Break of Structure (BOS)
   

A BOS is drawn when price closes (or wicks, depending on settings) beyond a previous swing.

The first BOS against trend can optionally be labelled CHoCH.

Range calculation

When a new swing is confirmed, the script prints the difference between that pivot and the previous swing.

Example: HL at 24,600 → HH at 24,655 → label shows HH (55).

Inputs & customization

Swing Length: bars left/right used to confirm pivots. Larger = fewer, more reliable swings; smaller = more signals, more noise.

BOS Confirmation: choose whether a BOS requires a full candle close or just a wick beyond the level.

Show CHoCH: toggle whether the first countertrend BOS is renamed CHoCH.

Show Swing Points: show/hide HH / LH / HL / LL labels.

BOS Style Settings: customize color, line style, and width.

How to use in practice

Trend identification:

Uptrend → repeating HL → HH sequence.

Downtrend → repeating LH → LL.

Breakout confirmation:

• A BOS confirms continuation. Retests of BOS lines often act as support/resistance.
  

Reversal watch:

• A CHoCH can signal possible trend shift. Wait for confirmation from price action or higher timeframe structure.
  

Range analysis:

• The range numbers help compare move sizes. If swings shrink, market may be consolidating; if they expand, volatility is rising.
  

Best practices

• Combine with higher timeframe analysis: use HTF trend, then refine entries on LTF.
  
• Always confirm with other tools (volume, RSI, order flow) before trading.
  
• Adjust Swing Length for the symbol and timeframe you trade.
  
• Use risk management — never rely on a single indicator.
  

Technical notes

• Pivots are not predictive — they appear only after confirmation. This avoids repainting but introduces lag.
  
• Many labels/lines can impact chart performance; the script sets sensible max_labels_count and max_lines_count.
  
• Designed for clarity, not signals. It does not issue buy/sell calls.
  

Disclaimer

This script is for educational purposes only. It is not financial advice and should not be used as a sole basis for trading decisions. Past performance of any method or indicator does not guarantee future results. Always test on demo accounts and apply proper risk management.