SimpleCryptoLife

[SCL] True Market Structure

See market structure at a glance with Higher Highs and Lower Lows. Bullish / Bearish /Ranging market bias is automatically derived. Optionally get alerted for breaks in market structure. Uses true Local Highs/Lows instead of simply the highest/lowest "pivot" for x bars. Can be useful as a support for learning market structure or for alerts for a change in structure while you're not at the computer.
Release Notes: Fixed some broken logic. It confirms Highs and Lows better now. This is why you keep the debug handy, kids.
Release Notes: Updated comments to match the fixed functions.
Note to the Pinescripters: I was having problems accessing past states of variables within functions using , which is why you'll see the workaround with variable_1, passing in a hardcoded .
Release Notes: Fixed a case where we could confirm fractals out of sequence.
Added a new setting: "Use Short Label Text"; off by default. This makes the label text much shorter and people will probably prefer it after they get used to the indicator.
Removed the setting to display market bias in labels, because it's superseded by the new setting.

Note about rogue wicks
If we get a candle with a high wick but a normal close, after a Local High but before that Local High is confirmed by the appropriate close, the high wick will never be counted as a Local High, even if it ends up coming in sequence after a Local Low.
Basically, candidates for Local Highs are only accepted AFTER the previous Local High is confirmed (or on the very same bar), and I'm probably going to keep it that way. Not only would it be extremely time-consuming to code and test doing it differently, I'm not convinced it would be the right thing to do.
Same thing goes for Lows.
This case is quite rare (I don't even have a screenshot handy). Also, note that forcing confirmations with a low number could change this behaviour and confirm the wick.
For any other cases where you think the script isn't picking out Highs and Lows correctly, please do drop a comment with a screenshot of the chart and your current settings.
Release Notes: Fixed the spelling on the short label text. Hat tip to @crossc for letting me know
Release Notes: Simplified the display mode inputs. There's only one colour scheme now, which is according to market bias. I think that's more useful than just red/green.

Added a minimalist mode, because having all the labels displayed when using the indicator regularly cluttered up the chart a bit. This mode only shows the most recent High and Low (the code that deletes old labels might be interesting if you need to script with labels printed in arbitrary locations). The defaults are the same as before.
Release Notes: Added a new display option. You can show only those breaks in market structure that are reversals, or you can show both reversal and continuation breaks.

For fun: find an asset that trends nicely and hide everything except reversal breaks.
Release Notes: Attempting to fix a user-reported issue with Bearish Breaks.
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Comments

Thank you!!
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DUDE. good stuff here...
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SimpleCryptoLife JoshuaMcGowan
@JoshuaMcGowan, Thank you! You have some nifty scripts yourself.
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Heikin Ashi + your script + TF H1 + my strategie... very good :)) thank you
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@LeLyonnais, I'm glad it's working for you!
+1 Reply
very nice..................
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@mohan12, Thank you! Glad you like it.
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It looks better with shorter labels and thank you for updating and also i think the shorter labels for Lower High is wrongly labeled as "LL" instead of "LH".....
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@crossc, Thank you! Fixed that now.
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I like IT..........
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