Market Structure Indicator (BOS-CHOCH) for MT 4 Download - Free - [TFlab]

The Market Structure Indicator (BOS-CHOCH) is  ICT-style indicator for MetaTrader 4 (MT4).

This indicator allows traders following the ICT style to identify changes in the market's primary and secondary character, along with the breakout of primary and secondary structures. As a result, their trading analysis becomes more specialized.

Market Structure Indicator (BOS-CHOCH) Table

Below is the general information and specifications for the indicator:

Uptrend

In the 1-minute chart of USD/CHF, the Market Structure Indicator (BOS-CHOCH) identified the market's Change of Character. After the formation of CHOCH, the market trend shifted from bearish to bullish.

After this Change of Character, the price returned to the order block that caused the change and continued its bullish trend. Furthermore, with the occurrence of a Break of Structure, the bullish trend continued with even more strength.

Bearish Trend

In the 30-minute chart of USD/JPY, the Market Structure Indicator (BOS-CHOCH) identifies the Change of Character (CHOCH) and Break of Structure (BOS) by drawing red lines for CHOCH and blue lines for BOS.

ICT traders can use this market character change to wait for the price to return to the order block range and enter trades at the right time.

After the formation of CHOCH, the trend shifted from bullish to bearish. Subsequently, the price began to correct towards the order block and then continued its downward trend.

As the price moved lower, a Break of Structure occurred, confirming the downward movement of the price.

Market Structure Indicator (BOS-CHOCH) Settings

The settings for the Market Structure Indicator (BOS-CHOCH) are fully displayed in the image below:

General Setting

•  How many candles to consider: Setting the amount of historical candles used for calculating and displaying the indicator;
• Trend Calculation type (ZigZag Candle): Configuring the trend calculation based on ZigZag or candle patterns.

Conclusion

The Market Structure Indicator (BOS-CHOCH) is one of the ICT and  Smart Money indicators on MetaTrader 4 (MT4), designed to analyze market character changes and identify market structure breaks.

This indicator is particularly useful for ICT and Smart Money traders to specialize in price trend analysis and gain deeper insights into market movements. Additionally, this tool helps in identifying liquidity zones or price reactions.