Rejection Block Indicator and Void MT4
- Indicateurs
- Eda Kaya
- Version: 1.11
Rejection Block Indicator and Void MT4
The Rejection Block Indicator is a highly efficient tool for spotting potential market turning points in MetaTrader 4. This indicator automatically identifies zones which price experiences rejection.
The mechanism of this indicator relies on candlestick wicks; a long wick near the top price and a short wick near the bottom price signal potential reversal points. Once detected, the Rejection Blocks are automatically marked on the chart. Bullish rejection areas appear in green, while bearish Rejection Blocks are highlighted in red.
Indicator Specifications Table
Category | ICT - Liquidity - Smart Money |
Platform | MetaTrader 4 |
Skill Level | Intermediate |
Indicator Type | Continuation - Reversal |
Timeframe | Multi-Timeframe |
Trading Style | Intraday Trading |
Market | Cryptocurrency - Forex - Stocks - Commodities |
Indicator Overview
The Rejection Block Indicator pinpoints areas in financial markets that hold a strong probability of price reversals. Typically, price retraces to these zones before completing a movement.
Traders utilizing the ICT methodology leverage this indicator to locate Rejection Block areas. The void of these zones appears in gray; once fully absorbed, it signals the invalidation of that level.
Rejection Block Indicator in an Uptrend
The EUR/USD 4-hour price chart illustrates how this indicator functions in an upward trend. During a temporary downward move, the price meets a bullish Rejection Block, forming a favorable buy entry setup.
Rejection Block Indicator in a Downtrend
The USD/CHF 4-hour chart demonstrates how the indicator works in a bearish trend. The price reaches a bearish Rejection Block, presenting traders with a potential sell opportunity.
Indicator Settings
- Display configuration: Customizable screen appearance;
- Chart and object color scheme: Background color settings;
- Standard parameters: Default settings;
- Candle review: Analyze previous candlesticks;
- Object prefix: Identifier for objects;
- Vertical line visibility: Option to enable/disable separators;
- Show primary trend levels: Display first-level trends;
- Display BOS & ChoCh level 2: Show BOS and ChoCH Level 2 trends;
- Label for BOS & ChoCh level 2: Enable BOS and ChoCH Level 2 labels;
- Display Rejection Blocks: Toggle Rejection Block visibility;
- Custom color for Rejection Blocks: Define colors for zones;
- Invalid zones when price closes beyond: Mark invalid Rejection Blocks when price moves beyond;
- Invalidate new zones upon overlap: Mark new intersecting zones as invalid.
Conclusion
The Rejection Block Indicator is a robust tool for recognizing critical market reversal levels. It assists traders in identifying price Rejection Blocks that act as strong support and resistance areas, allowing for more strategic decision-making.
This indicator aligns well with ICT-based trading strategies. By implementing this tool, traders can precisely determine ideal entry and exit points, reducing market exposure and improving trade accuracy.