- Macro Time options (such as '09:50 AM 10:10'): Enable specific macro display.
- Top Line, Mid Line, Bottom Line and Extending Lines options: Controls the lines for the specific macro.
🔹 Macro Classification
- Length: A length to detect Market Structure Brakes and classify macro type based on detection.
- Swing Area: Swing or Liquidity Area selection, highest/lowest of the wick or the candle bodies.
- Accumulation, Manipulation and Expansion color options for the classified macros.
- Macro Texts: Controls both the size and the visibility of the macro text.
- Alert Macro Times in Advance (Minutes): This option will plot a vertical line presenting the start of the next macro time. The line will not appear all the time, but it will be there based on remaining minutes specified in the option.
- Daylight Saving Time (DST): Adjust time appropriate to Daylight Saving Time of the specific region.
A macro is a way to automate a task or procedure which you perform on a regular basis.
In the context of ICT's teachings, a macro is a small program or set of instructions that unfolds within an algorithm, which influences price movements in the market. These macros operate at specific times and can be related to price runs from one level to another or certain market behaviors during specific time intervals. They help traders anticipate market movements and potential setups during specific time intervals.
To trade these effectively, it is important to understand the time of day when certain macros come into play, and it is strongly advised to introduce the concept of liquidity in your analysis.
Macros can be classified into three categories where the Macro classification is calculated based on the Market Structure prior to macro and the Market Structure during the macro duration:
Manipulation macros are characterized by liquidity being swept both on the buyside and sellside.
Expansion macros are characterized by liquidity being swept only on the buyside or sellside. Prices within these macros are highly correlated with the overall trend.
Accumulation macros are characterized by an accumulation of liquidity. Prices within these macros tend to range.
The script returns the maximum/minimum price values reached during the macro interval alongside the average between the maximum/minimum and extends them until a new macro starts. These levels can act as supports and resistances.
All required data for the macro detection and classification is retrieved using 1 minute data sets, this includes candles as well as pivot/swing highs and lows. This approach guarantees the visually presented objects are same (same highs/lows) on higher timeframes as well as the macro classification remain same as it is in 1 min charts.
8 Macros can be displayed by the script (4 are enabled by default):
- 02:33 AM 03:00 London Macro
- 04:03 AM 04:30 London Macro
- 08:50 AM 09:10 New York Macro
- 09:50 AM 10:10 New York Macro
- 10:50 AM 11:10 New York Macro
- 11:50 AM 12:10 New York Launch Macro
- 13:10 PM 13:40 New York Macro
- 15:15 PM 15:45 New York Macro
When an alert is configured, the user will have the ability to be notified in advance of the next Macro time, where the value specified in 'Alert Macro Times in Advance (Minutes)' option indicates how early to be notified.
The script is supported on 1 min, 3 mins and 5 mins charts.
🔶 RELATED SCRIPTS
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All scripts & content provided by LuxAlgo are for informational & educational purposes only. Past performance does not guarantee future results.
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