OFA - Order Flow Analysis

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The script analyzes order flow based on fractal structure breaks. Every time there is a fractal breakout in the opposite direction of the dominant side in control a new leg ( bullish or bearish ) forms. This script comes with the added value of displaying the velocity and the magnitude of each leg/cycle.

Order flow leaves a trail of the future market intentions via the ability or lack thereof of the aggregated flow to keep consuming liquidity provided by market makers and find or not equilibrium in price. The proper reading of order flow can provide information advantage. Flows can be read via two main venues:

1 - Magnitude: A major clue that will help determine the health of a trend is the type of progress by the dominant side in control of the trend. We need to ask the following question: Are the new legs in the active buy-sell side campaign as identified by the script increasing or decreasing in magnitude?

2. Velocity: When it comes to the distance the price moves, the magnitude is only ½ the equation. The other ½ has to do with the velocity of the move or the speed. Was the new leg created after a fast and impulsive move? Or did price make a new low or high with the movement being sluggish, compressive and taking too long to form? A good rule of thumb is to count the number of candles it took to achieve a new leg.
Release Notes: From @elnoelio: "I know TV was making some optimization updates in the background over the last while so it's possible they've become stricter with some lookback variables...specifically the "max_bars_back" option. (That's my best guess) Anyways, I've explicitly set that variable in the script now and from a very quick check it seems to be ok"

Author of the #1 order flow script in TV: https://www.tradingview.com/script/WhQSEfKT-OFA-Order-Flow-Analysis/
Learn order flow like a PRO on my site: https://www.ofa-course.com/
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