OPEN-SOURCE SCRIPT
Swing Points & FVG
Classic ITH/ITL
Intermediate Term High - High that has short term high on either of it's side.
Intermediate Term Low - Low that has short term low on either of it's side.
FVG
The indicator also marks Fair Value Gaps which is a very important concept in price action trading. FVGs are formed when there is ineffeciency,or imbalance, in the market.
Rebalanced ITH/ITL
Rebalanced ITH - A short term high that rebalanced the ineffeciency in price can be considered as an Intermediate Term High.
Rebalanced ITL - A short term low that rebalanced the ineffeciency in price can be considered as an Intermediate Term Low.
Use the ITH and ITL points marked by the indicator to determine the structure of the market.
Indicator repaints only when it tries to identify the latest ITH/ITL.
Intermediate Term High - High that has short term high on either of it's side.
Intermediate Term Low - Low that has short term low on either of it's side.
FVG
The indicator also marks Fair Value Gaps which is a very important concept in price action trading. FVGs are formed when there is ineffeciency,or imbalance, in the market.
Rebalanced ITH/ITL
Rebalanced ITH - A short term high that rebalanced the ineffeciency in price can be considered as an Intermediate Term High.
Rebalanced ITL - A short term low that rebalanced the ineffeciency in price can be considered as an Intermediate Term Low.
Use the ITH and ITL points marked by the indicator to determine the structure of the market.
Indicator repaints only when it tries to identify the latest ITH/ITL.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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