Refined Order Block Indicator for MT5
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Refined Order Block Indicator for MT5
Designed with the principles of ICT and Smart Money strategies, the Refined Order Block (OBR) indicator is an essential tool for traders on the MetaTrader 5 (MT5) platform. It identifies and highlights significant price levels by marking bullish order blocks in green and bearish order blocks in brown. These levels represent potential price reversal areas, often influenced by large institutional and bank orders. As price reaches these key zones, it is likely to experience substantial and swift movements, giving traders valuable insights to refine their trading tactics.
Order Block Refined Indicator Overview
Category | ICT - Smart Money - Supply and Demand |
Platform | MetaTrader 5 |
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 MT5
On the daily chart of XAUUSD (Gold), the Refined Order Block indicator marks bullish order blocks with green rectangles, highlighting key areas for traders. When price approaches these areas, it often moves upward, signaling the presence of large institutional buy orders. This feature helps traders pinpoint optimal entry points, enhancing their decision-making process.
Bearish Order Block on MT5
On the 1-hour chart of USD/CHF, the Refined Order Block indicator identifies bearish order blocks, which are displayed in brown. These marked zones indicate where substantial institutional sell orders are placed. When the price approaches these levels, it typically reacts sharply, leading to quick price reversals. These critical zones provide traders with key decision-making opportunities within the market.
Refined Order Block Indicator Settings (OBR)
- Display Settings: Customize display preferences.
- Chart and Object Color Theme: Select between Light, Dark, or Auto themes.
- General Settings: Configure general preferences.
- Number of Candles to Consider: Select how many past candles to factor into calculations.
- Trend Calculation Type (ZigZag/Candle): Choose between ZigZag or Candle calculations.
- Show Arrows for First Cycle: Enable or disable arrows for the first cycle.
- Display Order Blocks: Turn on or off the display of order blocks.
- Order Block Mode: Select the mode for order blocks (Normal, Aggressive, or Invalid due to new order block).
- Invalid Order Block by Close Beyond: Extend the zone until a new order block is formed.
Summary
The Refined Order Block (OBR) indicator is a highly effective tool for traders following ICT and Smart Money strategies. It accurately marks significant order blocks, with bullish zones in green and bearish zones in brown. These highlighted areas offer valuable insights into market dynamics, showing where large institutional and bank orders are positioned. By identifying these critical points, traders can make more informed, precise decisions to improve their trading strategies.
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