Liquidity Sweeps [UAlgo]

3 Feb 2024

🔶 Description:

This script, "Liquidity Sweeps by UAlgo" aims to identify and visualize potential liquidity sweeps in the market, assisting traders in spotting significant price levels where liquidity may be targeted by large orders. The script highlights pivot points and draws support and resistance lines based on user-defined parameters. When a liquidity sweep occurs, the script dynamically adjusts the displayed lines and provides annotations, signaling potential buying or selling opportunities.

🔶 Key Features:

Pivot Analysis: Utilizes pivot points to identify potential support and resistance levels.

Liquidity Sweep Detection: Dynamically adjusts support and resistance lines based on price action, highlighting liquidity sweep events.

Buy Side Liquidity Sweep Example :



Sell Side Liquidity Sweep Example :



Liquidity areas waiting to be swept are shown as "pivot high" in red and "pivot low" in green.



Customizable Parameters: Allows users to adjust parameters such as pivot length, maximum lines to draw, colors, and line width to suit their trading preferences.

Real-time Annotations: Provides real-time annotations on the chart when liquidity sweep events are detected, aiding traders in decision-making.

Disclaimer:

This script is provided for educational and informational purposes only. Trading involves risks, and it is essential to conduct thorough research and exercise caution when making financial decisions. The author does not guarantee the accuracy or completeness of the information provided by this script, and any actions taken based on this information are at the user's own risk.