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Inducement / Stop Hunt [TFO]
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This indicator shows inducement / stop hunts accompanied by volume spikes. The idea is inspired by ICT (Inner Circle Trader) concepts where price is always seeking "liquidity" by reaching for trivial pivots where the average retail trader would put their stop loss. When price seeks these levels and stops out these traders, you might expect an influx of volume due to the high number of shares/contracts being exchanged. And when there is an above-average spike in volume at these prices, it's possible to assume "smart money" may be buying retail's sell stops and vice versa. This is just my interpretation - I'm aware that ICT doesn't use volume as part of his analysis, and often advocates against using volume altogether, however I personally find it to be a great analytical tool in this context.
In my opinion this works best on 1m and smaller timeframes. Volume gets very diluted on timeframes greater than 1-3 minutes. It's easier to find volume spikes on very small timeframes like the 15s.
In my opinion this works best on 1m and smaller timeframes. Volume gets very diluted on timeframes greater than 1-3 minutes. It's easier to find volume spikes on very small timeframes like the 15s.
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Added options to change the raid line color and style, per requestScript protégé
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