HHLL and Liquidity Levels

HHLL AND Liquidity Levels

Description: This indicator shows hidden support and resistance levels and liquidity levels. The indicator allows traders to select source data from open/close or the high and low. The indicator also allows for appearance customization.

How can Higher highs and Lower lows and liquidity levels benefit traders?
HHLL refers to a series of higher highs and lower lows in an asset's price trend, which can indicate a potential reversal in the trend. Liquidity, on the other hand, refers to the ease with which an asset can be bought or sold without affecting its price. HHLL can help traders identify potential trends, while liquidity can ensure that trades can be executed smoothly and without significant price impact.

How can traders use this indicator?
Traders can use the indicator to identify potential market trends and market momentum. When the indicator show a series of higher highs and higher lows it can show a possible uptrend, meanwhile a series of lower lows and lower highs could show a possible uptrend with liquidity to confirm their trading decisions.

The script could also capture hidden support and resistance levels by showing areas where liquidity is concentrated and where price has repeatedly made higher highs and lower lows.

Features:

Support and Resistance levels based on Highs and Lows
Zig zags to show the HHLL's
Liquidity Levels
BOS and CHOCHS labels

Here are some examples of the indicator in action:

The HHLL and Liquidity Levels indicator being used with the Contraction and Expansion indicator to see when expansions are due and then price retest the liquidity levels.