FX Choch & BOS Indicator MT4

Description

• Shows both bearish and bullish Choch & BOS market structure
• Option to show only bearish or bullish Choch & BOS market structure
• Set the amount of candles needed to watch back for Choch & BOS market structure
• Adjustable depth setting that allows for the selection of minor and major swing-points
• 3 Selectable Alerts: Choose from Choch & BOS, Choch only, BOS only
• Alerts to Popup, Push & Email

Choch & BOS MT4 Indicator

The Ultimate “Smart Money Concepts” Market Structure and Trend Reversal Indicator

 

This indicator is designed to reveal the structure of markets:

• Choch Choch Change of Character(the first indication of an eventual shift in the direction of trend)
• BOS BOS Break of Structure(a indicator of a continuous flow of order in the direction of current trend)

It comes with 3 Alerts:

• Choch (Change Of Character)
• BOS (Break Of Structure)
• Choch & BOS (both in that order, A Trend Reversal alert)

The alerts are created to alert traders whenever certain patterns occur and without having to linger on charts for long time waiting for the patterns to be played out live.

 

What is a Choch? A Choch is Change of Character(the first indication of an upcoming shift in the direction of trend)

 

What is a BOS? – Break Of Structure (a sign of continuous order flow in the current trend direction)

 

Choch & BOS – A Trend Reversal Pattern

The CHOCH is the FIRST sign of a possible trend reversal, and if followed up with a BOS it offers a higher confirmation of a trend reversal (opposed to the Choch by itself)

This Choch & BOS alert helps to keep you out of risky trades!

Are you constantly trying to spot the top/bottom reversal of a trend and are you constantly thrown out?

Stop it!

This indicator can help prevent you avoid falling into that trap because if you wait to see both the Choch as well as the BOS to happen before executing the trade, you stand an increased probability of it being profitable.

Choch & BOS MT4 Indicator

 

• === Choch Settings ===
• Bull Choch color – Select the color of your choice
• Bear Choch color – Select the color of your choice
• Choch Line Style – Select the style of the Choch lines (solid, dot, etc)
• === BOS Settings ===
• Bull BOS color – Select the color of your choice
• Bear BOS color – Select the color of your choice
• BOS Line Style – Select the style of the BOS lines (solid, dot, etc)
• === Display Settings ===
• Display Option – Allows you to display:
  • Both Bullish and Bearish Choch & BOS
  • Bullish Choch & BOS only
  • Bearish Choch & BOS only
  • Hide all Choch & BOS
• Look-back Candle – Set the amount of candles that the indicator will look back to highlight Choch & BOS market structure
• Depth of Zigzag (Minimum: 4, Maximum: 36) – This setting determines the minimum number of bars without a second maximum or minimum deviation of the bar. (Changing this setting parameters will change the length of the swings)
• === Alerts ===
• Alert Option – Allows you to select:
  • Alert on Choch & BOS
  • Alert on any Choch
  • Alert on any BOS
  • No alerts
• Popup Alert – Alert will trigger the popup window and an alert sound
• Push Alert – Alert will trigger a message sent to your cell phone
• Email Alert – Alert will trigger a message sent to your email address

Indicator Display Options:

Depth of Zigzag

The indicator uses an ‘Depth Of Zigzag setting that allows you to pick the strength or size of market structure swing points on any timeframe (because this is an extremely subjective matter for the individual trader). The ‘Depth Of Zigzag setting allows you to decide on your own the most important swing points in market structure. The change in this parameter can affect the algorithm of the indicator and change the direction of the indicator. (stronger or less strong) low and high swing-points.

The next question is what of these are true as per an eye?

It is not always possible for everyone to agree on the same conclusion. This is exactly that I thought it was important to let this setting be altered according to user preferences…

Here are some examples of various “Depth of Zigzag’ settings (on the same chart) to illustrate the differences:

Depth of Zigzag = 4

 

Depth of Zigzag = 12

 

Depth of Zigzag = 24

 

Depth of Zigzag = 36

 

 

You can trigger Alerts for Choch’s ONLY by setting the ‘Alert Option’ to ‘Any Choch’ (Note that wicks do NOT count & the alert will only trigger when the ‘qualifying’ candle CLOSES):

 

 

You can trigger Alerts for BOS’s ONLY by setting the ‘Alert Option’ to ‘Any BOS’ (Note that wicks do NOT count & the alert will only trigger when the ‘qualifying’ candle CLOSES):

 

 

You can activate alerts for Choch and BOS By setting the “Alert Options for Choch and BOS’ to ‘Choch and’.

It’s the most secure way to enter a trade that can be used for the trend reverse (opposed to making the trade entry based with a ‘choch’ design on its own).

Notice: Both the Choch as well as the BOS are needed in that ORDER. The alert will go off after the BOS is completed.

 

Bullish Choch & BOS Alert:

• The Choch & BOS Alert triggers when the candle that qualifies for the alert CLOSES over that of the prior (BOS) swing-high
• You then mark-up your ‘current range’, and then wait for price to fall back to the same range (preferably to the discount region, i.e. above 50%) into an FVG or an order block
• The trade in this instance was made when the price touched the previous bullish block…

 

Bearish Choch & BOS Alert:

• The Choch & BOS Alert triggers when the candle that qualifies for the alert CLOSES lower than that of the prior (BOS) swing-low
• Then, you mark-up the current range’ and wait for the price to fall back to that range (preferably in the ‘premium’ zone – that is, above the 50% threshold) into an FVG or an order block
• This trade particular case was made when the price touched the previous bearish block of orders…