Order Block Void indicator MT4
- Indicateurs
- Eda Kaya
- Version: 1.11
Order Block Void Indicator MT4
Order Blocks represent critical price zones where institutional traders place significant buy and sell orders. These areas often serve as key support and resistance levels on price charts. The Order Block + Void indicator for MetaTrader 4 autonomously marks these order blocks on the chart. One of its notable features is displaying the percentage of the order block that has been utilized, turning the consumed section gray.
This tool highlights bullish order blocks with green rectangles and bearish order blocks with red rectangles.
Indicator Specifications
Category | ICT - Smart Money - Liquidity |
Platform | MetaTrader 4 |
Skill Level | Advanced |
Indicator Type | Reversal - Continuation |
Time Frame | Multi-timeframe |
Trading Style | Day Trader - Scalper |
Trading Market | Cryptocurrency - Forex - Stocks |
Overview of the Indicator
The Order Block indicator assists traders in recognizing and plotting order blocks, making it easier to set stop loss (SL) and take profit (TP) levels. It is particularly useful for traders employing liquidity-based strategies such as Smart Money and ICT. When the price nears an order block generated by the indicator, the likelihood of a price reaction and reversal significantly increases.
Understanding Bullish Order Blocks
An analysis of the USD/CHF pair on the one-hour timeframe illustrates how bullish order blocks operate. The indicator identifies an order placement region and marks a bullish order block in green. When the price revisits this block, it often provides an ideal buy entry point. The gray-shaded portion in the bearish order block represents the consumed section of that zone.
Understanding Bearish Order Blocks
In bearish scenarios, as depicted in the 30-minute ETH chart, the indicator pinpoints the order placement area and marks a bearish order block in red. When the price retraces to this block, it may offer a suitable entry for sell positions. If an order block is fully consumed, it transitions to gray, indicating invalidation.
Indicator Settings
- Chart and Object Theme: Light-colored theme.
- Back Candles Check: Uses 1000 candles for block calculations.
- Object Prefix: Sets a unique identifier for objects drawn by the indicator.
- Vertical Line Display: Enabled to indicate order block formation.
- Level 1 Trend Display: Disabled.
- BOS & ChoCh Level 1: Break of Structure and Change of Character for Level 1 is disabled.
- Level 2 Trend Display: Enabled.
- BOS & ChoCh Level 2: Break of Structure and Change of Character for Level 2 is disabled.
- BOS & ChoCh Level 2 Labels: Labels for Break of Structure and Change of Character are disabled.
- Order Block Type: Set to Aggressive.
- Order Block Visibility: Enabled.
- Used Order Block Color: Adjusts color for utilized order blocks.
- Invalid Blocks with Close Beyond Zone: Enabled to remove invalidated blocks.
- New Zone Overlap Deletion: Enabled to prevent new blocks from overlapping with existing ones.
- Invalid Zone Display: Disabled.
Conclusion
The Order Block + Void indicator for MetaTrader 4 is a versatile and efficient trading tool, suitable for various markets, including Crypto, Forex, and Stocks. It is especially beneficial for traders employing Supply and Demand or Liquidity-based trading strategies.