Order Block Locator
- Indikatoren
- Aurthur Musendame
- Version: 1.5
- Aktualisiert: 24 Juni 2022
- Aktivierungen: 5
The order block locator is powered by three main search algorithms thar can be used to find order blocks.
- Simple Fractal Search Algorithm
- Naive Fractal Movers Algorithm
- Candle Transition Algorithm
You can even combine the power of your 2 favourite algorithms and get the best of both worlds:
- Mixed Algorithm (Naive Fractal + Candle transition)
- Mixed Algorithm (Simple Fractal + Candle Transition
Simple Fractal Search Algorithm
The algorithm finds the fractals based on your setting paramers for candles around fractal high or low. When a price fractal is identified, we then search for an order block around the fractal zone.
This is not a realtime algorithm and its perfectly ok. It is fractal based. ?? What does that mean ?? A fractal (set of candles that meet a specific criteria or rules) must first be identified. In this case the rules detect whether we have a high or low. When a high or low has been identified, that is only and only when an Order block will be sought within that fractal. As such, because a fractal has to be identified first, the indicator does not repaint.
For example: if you select that CandlesAroundFractal = 3, this means that for a fractal high/low to be identified there must be 7 candles that form the fractal, 1 candle at the extrema, 3 candles to the left and 3 candles to tha right. On the open of the 4th candle to the right the fratal will have been fully created and rules having been met - this is the point in time when the orderblock will be searched for.
This algorithm only identies orderblocks at etremum points only i.e (Fractal Highs and Fractal Lows).
For an order block to be identified there must be x*CandlesAroundFractal. In other words for a candle to be a qualified orderblock it must have x candles around fractal on either side.
Naive Fractal Movers Algorithm
This algorithm is a modified version of the simple fractal search algorithm. It used a lower candle around fractal value. Recommended is 2/3. it then identifies only the orderblocks that have price that move away from the orderblock within a set candle count threshhold (fast move detection candle limit)
Candle Transition Algorithm
This algorithm identifies orderblocks by first identifying a a shift from bull to bear of from bear to bull candle. Then the next consecutive candles must be one directional.
Also for stricter orderblock selection you can choose to only identofy those whose shift candle is engulfing for strength identificaion.
Note:
The indicator will detect and plot bullish and bearish orderblocks for an timeframe your chart is currently displaying.
Enjoy happy charting :)
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