en Order Block 1.2
Metatrader Indicator (MT4/MT5)
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ℹ Overview
Our personal implementation of Order Blocks as a technical indicator for MetaTrader is designed to be incredibly easy to use and is an effective position trading strategy that can help traders maximize their profits. Order blocks are a simple yet effective way to identify early price reversals, and the indicator includes alerts of all kinds, including email/sound/visual alerts, to help traders stay informed about potential trades.
The indicator is easy to interpret and follow, with a clear signal system that indicates when it is time to enter a trade. It does not repaint or backpaint, ensuring that the signals it provides are accurate and reliable. By following the signals provided by the indicator, traders can potentially capitalize on early reversals in the price of an asset, providing opportunities for profit.
Order blocks are a type of technical analysis tool that are used to identify potential reversals in the price of an asset. A bullish open block is the first bullish bar (i.e., a bar with a higher closing price than opening price) after a fresh market low, while a bearish open block is the first bearish bar (i.e., a bar with a lower closing price than opening price) after a fresh market high. When an open block is broken, it becomes an order block, and when an order block is broken to the opposite side, it becomes a reversal block.
The trader should enter the market or look for trades in the direction of the last order block, if the price range has not been breached in the opposite direction of the breakout. This strategy allows the trader to potentially capitalize on early reversals in the price of an asset, providing opportunities for profit. The indicator will ignore open blocks for clarity, ensuring that the signals it provides are easy to interpret and follow. With its simplicity and effectiveness, our Order Blocks indicator is a powerful tool for traders looking to maximize their profits in the financial markets.
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Input parameters
When loading the expert to any chart, you will be presented with a set of options as input parameters. Don't despair if you think they are too many, because parameters are grouped into self-explanatory blocks.
- Period
- Amount of bars needed to create a fresh high or low.
- Filter
- Minimum size of the order block bar, expressed as % of ATR.
- Colors
- Set colors and sizes for lines and arrows.
- Alerts
- Enable display/email/push/sound alerts.
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FAQ
- Does the indicator repaint?
- No, it does not.
- Does the indicator backpaint?
- No, it does not.
Screenshots
MyFxBook
