Lighthouse Beacon Oscillator TradingView Indicator

Three pivot scales agreeing on one price says more than any single swing point. Also, lighthouse Beacon Oscillator works as a swing high low indicator TradingView traders can use to find those agreements. It tracks pivots at 3, 6 and 10 bars either side. Indeed, when the newest pivot from all three scales lands inside a 0.6 ATR band, the script draws a beacon there and scores it out of 100.

It is free and open source. Still, you can add it to any chart from the Lighthouse Beacon Oscillator script page on TradingView, and the full Pine source is published there for you to read.

What Lighthouse Beacon Oscillator plots on the price chart

A purple 50-bar EMA runs through the chart in three stacked layers for a glow effect. Thus, pink and green horizontal lines mark the current high and low beacons, each spanning the last 40 bars. Entry triangles print below or above the bar, tagged BEACON, and a label follows carrying the beacon score out of 100 plus the level itself. Hence, the background shades by score tier, gold at the top, cyan lower down and purple when confluence exists without a break. A nine-row dashboard sits top right.

How Lighthouse Beacon Oscillator is built

Finding a beacon

The script keeps six running values: the most recent pivot high and pivot low at each of three scales, 3, 6 and 10 bars either side. Next, every time a new pivot confirms, the matching slot updates. Nothing else stores history, so only the newest pivot per scale matters.

Confluence is a spread test. Then, the script takes the three stored pivot highs, subtracts the lowest from the highest, then compares that spread against 0.6 times ATR over 14 bars. Fit inside and the three scales agree. Yet, the beacon high becomes their simple average. Pivot lows follow the same routine independently.

A break needs more than a touch. Truly, price must close above the beacon high plus 0.2 ATR, and the previous close must have sat at or below that same level. So the script flags the crossing bar itself, not every bar that follows it.

Scoring the beacon

The score adds three parts and caps at 100. Plainly, confluence contributes 20 to 40 points, scaled by how tightly the three pivots cluster inside the zone. A fresh break adds a flat 35. Also, trend agreement adds up to 15, taken from the 3-bar change in the 50-bar EMA divided by ATR. The highest total actually reachable is therefore 90.

Dashboard wording follows the score. Indeed, DARK sits under 50, FORMING from 50, GLOWING from 70 and LIT from 85. The signal threshold defaults to 70. Since confluence and trend together top out at 55, no signal clears 70 without the 35-point break component.

Direction and gating come last. Still, a buy needs an upside break, a close above the 50-bar EMA and a rising EMA. A sell needs all three reversed. Thus, the bar must close first, the score must clear your threshold, and twelve bars must have passed since the previous signal.

How to read the signals

Treat the beacon lines as the level and the score as the case for it. Hence, a break through a beacon scoring 85 came from three tightly clustered pivots plus a trending EMA. A break at 70 cleared on the break points with looser clustering behind it.

The PH Spread and PL Spread rows show pivot agreement in ATR units. Next, small numbers mean the three scales picked nearly the same price. A dash means one of the three pivots is still missing, which happens early on a fresh chart.

Pivots confirm late by design. Then, a 3-bar pivot needs 3 bars to its right, and a 10-bar pivot needs 10. So the slow beacon can only appear ten bars after the actual high formed. Yet, the break test and the signal still run on closed bars, but the level you see was established earlier.

Every Lighthouse Beacon Oscillator setting explained

The script exposes 16 inputs, grouped in the settings panel exactly as shown below. Defaults are the published values.

Beacon Settings

Setting	What it does	Default	Range
Fast Pivot L/R	Sets the fast pivot l/r used in the calculation.	3	1 to 10
Mid Pivot L/R	Sets the mid pivot l/r used in the calculation.	6	3 to 20
Slow Pivot L/R	Sets the slow pivot l/r used in the calculation.	10	5 to 30
Beacon Confluence Zone (ATR)	Pivots from all three scales must fall within this ATR distance	0.6	0.2 to 2.0
ATR Length	Sets the atr length used in the calculation.	14	5 to 50
Break Margin (ATR)	Sets the break margin (atr) used in the calculation.	0.2	0.05 to 1.0
Bias EMA Length	Sets the bias ema length used in the calculation.	50	10 to 200

Signal Settings

Setting	What it does	Default	Range
Beacon Score Threshold	Sets the beacon score threshold used in the calculation.	70	40 to 95
Signal Cooldown Bars	Sets the signal cooldown bars used in the calculation.	12	3 to 50

Visual Settings

Setting	What it does	Default	Range
Show Beacon Dashboard	Toggles show beacon dashboard on the chart.	on	on / off
Show Beacon Background	Toggles show beacon background on the chart.	on	on / off
Show 3-Layer Signal Glow	Toggles show 3-layer signal glow on the chart.	on	on / off
Show Bias EMA Glow	Toggles show bias ema glow on the chart.	on	on / off
Show Beacon Lines	Toggles show beacon lines on the chart.	on	on / off
Buy Color	Colour used for buy color.	#39ff14
Sell Color	Colour used for sell color.	#ff2d78

Alerts built into Lighthouse Beacon Oscillator

The script ships 11 alert conditions. Truly, open the alert dialog on the chart, pick the indicator as the condition source, then choose the event you want. Alerts fire on the close of the bar, so they follow the same confirmed-bar rule the on-chart signals use.

• LBO Buy Beacon
• LBO Sell Beacon
• LBO Any Signal
• LBO Lit
• LBO High Confluence
• LBO Low Confluence
• LBO Up Break
• LBO Down Break
• LBO Webhook JSON

Other markets and timeframes

Every distance in the script scales with ATR. Plainly, the 0.6 confluence zone, the 0.2 break margin and the trend component all divide by it. So the defaults transfer to gold, indices, crypto and equities without retuning. Also, pivot lengths are bar counts rather than price units, so they carry across too. The main input to revisit per market is the 12-bar cooldown, since a fast intraday chart produces breaks far more often than a daily one does.

Limitations worth knowing

The script stores only the newest pivot at each scale, and it never expires them. Indeed, a 10-bar pivot from three months ago still counts toward confluence today. Check where the beacon line actually sits on the chart before you trust the level.

Despite the name, this is not an oscillator. Still, it runs as a chart overlay, and the 0 to 100 beacon score appears only inside the dashboard table. No separate pane opens below price.

There is no trade management here. Thus, the tool flags a break through a multi-scale level and scores the setup. It sets no stop, no target and no size, and it holds no view on what happens after the break bar closes.

Get Lighthouse Beacon Oscillator on TradingView

Open Lighthouse Beacon Oscillator on TradingView

If you also trade MetaTrader, the MT4 and MT5 indicator library is available below.

Using it alongside MetaTrader

Adding a script on TradingView takes one click, so there is no install step here. Next, if you want the same idea on MetaTrader, the MT4 and MT5 indicator installation guide walks through copying files into the data folder and attaching them to a chart. You can also browse the full MetaTrader indicator library, the MT4 indicators section, or the other free TradingView scripts published on this profile. For related chart tools see the MT5 indicators section and the forex trading strategies guides.

External references

• Candlestick pattern on Wikipedia
• Pivot Point at Investopedia
• Candlestick Charts at StockCharts ChartSchool

Frequently asked questions

Does the Lighthouse Beacon Oscillator repaint?

The signal arrows do not. Then, both plotshapes read buySignal and sellSignal, and each requires barstate.isconfirmed. The beacon lines are a separate matter. Yet, they can only appear once a pivot confirms, which takes 3, 6 or 10 bars depending on the scale.

What exactly is a beacon?

It is the average of three pivot highs, or three pivot lows, that all landed within 0.6 ATR of each other. Truly, the three come from different pivot lengths, so agreement means fast and slow swing detection picked out the same price.

Why does the score never reach 100?

Because the three components cap at 40, 35 and 15. That totals 90. The LIT state at 85 stays reachable, but only with near-perfect pivot clustering, an active break and a strongly sloping EMA.

Can a signal fire without a break?

No. Plainly, the direction rules themselves require an up break or a down break, so nothing fires without one. The score threshold adds a second layer. Also, at the default 70, confluence and trend alone supply only 55 points.

How much should I rely on this indicator?

Treat it as one input, not a decision. Indeed, it is a chart analysis tool, not trading advice. Test it on your own markets and timeframes before relying on it. Results are not guaranteed; past performance is not indicative of future results.