ASX Liquidity: Free Liquidity Sweep Indicator for cTrader

Also available for other platforms: ASX Liquidity for MetaTrader 5 · ASX Liquidity for TradingView. Same rules and the same defaults, free on every platform.

ASX Liquidity is a free, open-source overlay indicator for cTrader that marks the levels where stop orders tend to rest: equal highs and equal lows, the previous day’s high and low, and the previous week’s high and low. When a closed candle trades through one of these levels and closes back inside, it labels the candle as a sweep; when it closes beyond, the level is shown as broken. It reads closed candles only, so a level or a sweep label never appears and then disappears again. It is a charting aid, not a signal service.

What it does

A swing high is a candle whose high is above the highs of the three candles before it and not below the highs of the three candles after it (swing lows mirrored), so it is known three candles later. When a new swing high lies within Equal Tolerance (ATR) times the 14-period ATR of the newest earlier swing high, and no candle in between traded above the higher of the two, ASX Liquidity draws an equal-highs line (EQH) at the higher high. A third swing at the same place joins the existing line instead of drawing a second one. The previous day’s and week’s highs and lows (PDH, PDL, PWH, PWL) start with the first candle of the new day or week and end when the next one starts. Each live level is labelled at the right edge. The first closed candle that trades through a level ends it: “PDH sweep”, “EQL sweep” and so on when the candle closed back inside, a grey dotted line without label when it closed beyond.

Key features

• Equal highs and equal lows as dashed orange lines, with an ATR-based tolerance that works the same on forex, gold, indices and crypto.
• Previous day high/low (blue) and previous week high/low (violet, thicker), from the platform’s own daily and weekly candles.
• Sweep labels at the candle that traded through a level and closed back inside. Levels swept by the same candle share one label, for example “PWH + PDH sweep”.
• Sweep or break from closed candles only: the label is decided at the close, never on the running candle. No repaint.
• Ended levels stay as dotted grey lines up to the candle that ended them, or can be hidden.
• Light on the chart: equal levels from the last Lookback Bars are drawn (at most the newest 150 levels), and all drawings are removed with the indicator.
• Short chart title: Only the Equal Tolerance value appears in the chart title.

Settings and defaults

• Equal Tolerance (ATR): 0.1 (0 to 2); two swings count as equal when they are at most this many ATRs apart
• Swing Strength: 3 candles on each side (1 to 20)
• ATR Period: 14 (Wilder smoothing)
• Lookback Bars: 500 (20 to 5,000); equal swings can be up to this many candles apart
• Show Equal Highs/Lows: on; Show Previous Day: on; Show Previous Week: on; Show Ended Levels: on
• Colours: equal levels orange (#FF9800), day blue (#2196F3), week violet (#AB47BC), ended levels grey (#787B86)

How to use it

• Add it to an intraday chart, for example M5 to H1, and read each line as “stops are likely to rest just beyond this price”.
• Watch how the next test of a level ends: a sweep label means the candle closed back inside, a grey line without label means it closed beyond.
• Raise Equal Tolerance (ATR) to 0.2 or 0.25 for more equal levels, or lower it to 0.05 for near-exact double tops and bottoms only. On our 15-minute data the default gave about 1.6 to 1.8 equal levels per day.
• What a sweep is, how it differs from a break and what our own two-year measurement shows about sweeps is explained in our guide Liquidity Sweeps Explained: Equal Highs, Equal Lows and Stop Hunts.

Limitations

• A sweep label describes what one candle did at a level. It is not a reversal signal: in our own test on two years of 15-minute data (EURUSD, gold, BTCUSDT), price moved one ATR back after a sweep about as often as after a random candle at the same hour (details and numbers in the guide).
• Equal levels appear only after the second swing is confirmed, three candles later with the default Swing Strength. The line starts at the first swing, but it is drawn from the moment it is known.
• The indicator does not see real stop orders; the levels show where stops are likely, not where they are.
• Previous day and week levels use the daily and weekly candles of your cTrader broker and work on time-based charts below D1 (not on Renko, range or tick charts).
• Levels depend on your broker’s or data feed’s prices and day start. Two feeds can show slightly different levels on the same symbol.
• The indicator has no alerts.

Platform & install

• Platform: cTrader Desktop 5.10 or newer (the .algo file is built with .NET 10, as cTrader 5.10 builds it)
• Type: overlay indicator
• Access rights: None (no full-access permission requested)
• Price: free and open source, no license key
• The download is a ZIP with AsxLiquidity.algo (ready to install) and AsxLiquidity.cs (the source code). On an older cTrader version, create a new indicator in cTrader Automate, paste AsxLiquidity.cs and build it there.
• Double-click AsxLiquidity.algo to install it (install guide), then add ASX Liquidity to any chart.

Important notes

ASX Liquidity is an analysis tool and does not place trades. Liquidity levels and sweeps show where price has been and what it did there; they are not buy or sell signals. Trading leveraged products can lose you money quickly, so test any idea on a demo account first and use your own risk management.