The indicator introduces a new representation of the previous days, weeks, and months highs & lows (DWM HL) with a focus on untapped levels.
█ CONCEPTS
Untapped Levels It is popularly known that the liquidity is located behind swing points or beyond higher time frames highs/lows (in a sense, an intraday swing point is a day high/low). These key areas are said "liquid" because of the accumulation of resting orders, mainly in the form of stop-loss orders. And this more significantly on higher time frames which have more time for stacking orders. As the result, the indicator aims to keep track of untapped levels that have their liquidity states intact.
Liquidity Pools Once a liquidity level identified, or better, a cluster of liquidity levels work as magnets for the market. The price is more likely to make its way towards heavier pockets of liquidity, by proximity (the closest liquidity pool), and by difficulty (path with less obstacles). This phenomenon is referred as liquidity run, raid, purge, grab, hunt, sweep, you name it. Consequently, the indicator can help you frame a directional bias during your trading session.
█ NOTES
Drawings Once a level is tapped, it is highlighted. At the end of each day, all tapped levels are cleared.
版本注释
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v2.0
Add intraday liquidity levels from 4H and 1H time frames (disabled by default)
Expose new settings for customizing purged levels color and style
Auto hide levels when the chart's time frame is higher
版本注释
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v3.0
Updated the liquidity levels with selectable timeframes
Allowed configuring the removal period of the purged levels
@sbtnc, can you make MT4 / 5 forex 30 indicator in pine script ?? It help a lot
PineCoders
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goodseedproject
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hi thanks for the great script. can you pls help me understand how to fully use this, im wondering there are times there are completely no liquidity lines above does it mean, only sell? or if no liquidity lines below does it mean just buy? thanks in advance.
Goldfinger82
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What do the grey squares mean? They appear at times but then disappear?
sbtnc
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These are levels once their liquidity got purged. After the end of the day, the indicator clears them.