BOS-CHOCH with Label structure change indicator designed explicitly for ICT and Smart Money for Meta Trader 5 Download - Free - [Trading Finder]

The BOS-CHOCH structure change detection indicator with the label is a professional and practical tool for traders looking to analyze the internal structures of the market in the Meta Trader 5 (MT5) platform. This indicator, designed using advanced algorithms, is specifically tailored for traders of ICT and Smart Money styles. The BOS-CHOCH indicator automatically detects Break of Structure (BOS) and Change of Character (CHOCH) and displays the type of break on the chart using labels.

A Break of Structure (BOS) occurs when the price breaks a previous high or low, forming a new high or low. Change of Character (CHOCH) happens when the price breaks the level that caused the structure to break. This change indicates a market trend shift, helping traders make timely decisions and recognize the correct market direction.

BOS Indicator Table

Main BOS and CHOCH Break

On the 5-minute chart of AUD/JPY, the BOS-CHOCH indicator identifies a market structure break, spotting new highs and drawing the Break of Structure (BOS) levels in turquoise blue on the chart. Subsequently, as the price returns and breaks the key level that caused the structure to break, a Change of Character (CHOCH) is formed. This indicates a shift in the market trend, moving from bullish to bearish, allowing traders to make suitable trading decisions by observing these changes.

Forming BOS and CHOCH

In the 1-hour chart of Dow Jones, the price breaks the market structure by forming lower lows and lower highs, gradually confirming a downward trend. Each structure break signifies a bearish trend confirmation, often happening sharply and powerfully. However, as the price moves back up and breaks the key level of 41070.2, a Change of Character occurs on the chart. The BOS-CHOCH indicator detects this break and draws it in red. This color change indicates a shift from bearish to bullish, helping traders to adjust their trading decisions based on this trend reversal.

MT5 Indicator Settings

Display Setting: Customize the display settings of the indicator

• Theme: Select the indicator theme from Light, Dark, and Auto.

General Setting: Choose the general settings for the indicator

• How many candles to consider: Select the number of past candles to start the calculation
• Trend Calculation type (ZigZag Candle): Choose the trend calculation type based on ZigZag and Candle patterns
• Do you want to see labels on BOS-CHOCH? Enable/disable label display for BOS-CHOCH

Conclusion

Using its unique algorithm, the BOS-CHOCH with Label structure change detection indicator identifies market structure breaks and character changes. This indicator displays the changes in turquoise blue and red colors. It can detect both main structure breaks and character changes and easily recognize minor structure changes and plot them on the chart.