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Description

The NinjaTrader 8 Highs & Lows indicator presents an alternative approach to identify Market Structure. The logic used is inspired from the following highs & lows TradingView indicator Protected Highs & Lows [TFO]

This indicator introduces the new concept of protected swing pivot points that is used to determine Market structure events such as:

• MSS: Change of strucutre (or Change of Character or Market Structure Shift) that indicates that the trend might change
• BBOS: Break of Strucutre (or Market Structure Break) that indicates a continuation of the trend

What are protected Swings?

When price closes below a valid swing low, we look back from the current bar to find the highest high that was made in that range. This becomes our protected high; similarly, when price closes above a valid swing high, we look back from the current bar to find the lowest low that was made in that range, which then becomes our protected low.

If a higher high is established, then the price doesn't close below the last established lower low, that high high is not considered as a protected swing. Same for the low side, if a lower low is established and then the price doesn't close above the last established higher high, that lower low is not a protected swing.

Examples

Here are few examples of how the indicator works:

Market Structure Shift & Market Structure Break based on protected swings

In this example we see a Chart of MNQ on the 2000 Volume timeframe. The pivot swings arrows that you see in Red and In Green on top and on bottom of the candlesticks are protected swings

Features

The Protected Highs & Lows indicator has a set of unique features

• Free. The indicator is completely free to use.
• Plots Break of Structure and Change of Stucture
• Highly customizable, lightweight and can be adapted to wide range of instruments

Parameters

We always try to keep the parameters to minimum.

License
License	This is the free license key you get when you create an account on automated-trading.ch. After creating an account, copy your license key from the billing page. You need to set this parameter only once per month, once the license key is validated it will be remembered for the rest of the billing cycle.
Swings
Swing Period	Swings are higher lows,higher highs, lower highs and lower lows. After each price bar close, a swing can be detected. But just after that, the next bar can cancel the swing at the previous bar by creating a new swing of the same type. Or this can happen on the second bar, or the third, etc... The swing period sets how many bars is enough to seperate two swings of the same type. The more you increase this parameter, the more you decrease the number of swings overall. The more you decrease this parameter, the more you increase the number of overall swings. I personally use the value of 3 or 4 for this parameter.
Run on Higher Timeframe	This will make the Swing detection algorithm run on a higher timeframe, and drawn on the current active chart timeframe
Higher TimeFrame	This parameter allows to select the higher timeframe on which the swing points will be detected. Make sure to select a higher time-frame in regard of the active charts' timeframe. For example, if the current time-frame on the chart is 15 Minutes, make sure that the value of this parameter represents a bigger time-frame such as 1 Hour. If in that case you select 1 Minute as a higher time-frame for example, the indicator will not work.
Higher TimeFrame Period	This parameter sets the period of the higher timeframe
Structures
Show Structures	This parameter sets which market structure to show/hide All: Show both Market Structure Shifts and Break of Structures None: Don't show Market Structures. Show only protected Highs and Lows Break of Structure (BoS): Show only Break of Strcutures Structure Shift (MSS): Show only Structure Shift (MSS)
Show Valid Swings	Enable/Disable drawing of valid swings as a circle
Extend Retracement Bars	Number of Bars to extend the retracement levels
Play Sound	This parameter will enable playing and alert sound when an event (MSS or BOS) is detected
Play Sound On Valid Swings	This parameter will enable playing a sound when a valid swing is detected
Play Sound File	This parameter will set the file name to be played on sound alert. This can be set to any .wav file on your computer
Rendering
Retracement Color	Draw Color of Retracement levels
Bearish Color	Draw Color of bearish items to draw on the chart
Bullish Color	Draw Color of bullish items to draw on the chart
Draw Offset (Points)	This sets an offset in points that is to be used when drawing markers of swings and valid swings on the chart.

Download & Installation Instructions

Frequantly Asked Questions

Release Notes

User Comments & Feedback