Refined Order Block Indicator for MT4
- Indikatoren
- Eda Kaya
- Version: 1.6
Refined Order Block Indicator for MT4
The Refined Order Block (OBR) indicator is a specialized tool tailored for traders utilizing ICT and Smart Money (SMC) methodologies on the MetaTrader 4 (MT4) platform. This indicator pinpoints bullish order blocks in green and bearish order blocks in brown, assisting traders in recognizing pivotal market zones. Order block regions are critical price areas where substantial institutional orders can heighten the probability of trend reversals or directional shifts. By analyzing these zones, traders can make more strategic decisions based on market price behavior.
Order Block Indicator Overview
Category | ICT - Smart Money - Supply and Demand |
Platform | MetaTrader 4 |
Skill Level | Advanced |
Indicator Type | Leading - Reversal - Strength |
Time Frame | Multi Time Frame |
Trading Style | Scalping - Day Trading - Intraday Trading |
Trading Markets | Forex - Cryptocurrencies - Indices |
Bullish Order Block (OBR) On a 15-minute GER40 Index chart, the Refined Order Block (OBR) indicator detects bullish order blocks, marking them in green to highlight essential price regions. In this example, an order block is identified at the 18207.4 price level and enclosed within a rectangle. When the price revisits this zone, a significant upward movement ensues, demonstrating the relevance of this region in shaping market trends. Traders can leverage this insight to enhance the precision of their trades.
Bearish Order Block (OBR) On a 5-minute USD/CAD chart, a bearish order block is detected at the 1.35720 price level and represented in brown. As the price revisits this critical area, it tests the order block multiple times but fails to break through, confirming the zone's strength. Following this, the price experiences a sharp downward movement, reinforcing the significance of bearish order blocks.
Refined Order Block Indicator Settings
- Chart and Object Color Theme: Choose from Light, Dark, or Auto themes.
General Settings:
- Candle Calculation Range: Define the number of past candles for analysis.
- Trend Calculation Type: Select ZigZag or Candle-based trend detection.
- Arrow Display for Initial Cycle: Enable or disable arrows for the first cycle.
- Order Block Visibility: Toggle the display of order blocks on or off.
- Order Block Mode: Choose between Normal and Aggressive detection modes.
- Order Block Validation: Decide whether to continue or reset previous order block zones.
- Zone Completion Rule: Maintain the zone until a new one is established.
Conclusion The Refined Order Block (OBR) indicator is an invaluable asset for traders focusing on significant order block zones. By detecting and visually marking bullish (green) and bearish (brown) order blocks, it reveals high-impact institutional orders. This tool offers traders a clearer perspective on price action, aiding in more effective market analysis and trade execution.