Technical Indicators for MetaTrader 5

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Order Block Indicator MT5

order-block-indicator-mt5-logo-200x200-5429
450.00 USD382.50 USD

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Information

Indicators
MetaTrader 5
Diego Arribas Lopez
1.0
5

Overview

[MT4 Version]

Order Block Indicator MT5

Order Block Indicator MT5 is currently the most accurate and customizable indicator in the market. It has been developed to facilitate the analysis of operations based on Order Blocks and Supply and Demand Zones. These zones are possible reversal points of a movement. Order Blocks indicate a possible accumulation of orders in one area. The price usually gets to reach and react strongly to those areas. The most relevant levels for this reaction are the candle wick, body or 50% of the candle. The higher the timeframe the most success probability you find with the corresponding Order Block. For intraday H1, H4 and Daily Order Blocks are a good references to look for price reaction and guess the direction of the next price movement.

Order Block Indicator highlights active order blocks of up to 4 TFs simultaneously.

At the same time, Order Block Indicator MT5 provides a visual alert system, integrated in the interactive UI, that allows you to recognize at a glance if the price is within a block of orders without having to represent it in the chart. The white box below each timeframe serve this purpose, it turns green or red inf prices reaches a bullish or bearish Order Block in the timeframe above it. This works even if the Order Blocks are not shown in the chart.

Touched OBs get invalid after the price bounces out of them and are removed from the chart for a better visibility.

Some of the characteristics of the indicator are the following:

  • Time saving
  • Highly customizable
  • Indicates the arrival of the order blocks without overloading the chart
  • Up to 4 simultaneous TFs
  • Functional on all pairs (Cryptos, Forex, Stocks, Indices, Commodities ...)
  • Perfect for Scalping or Swing trading
  • Highlights possible market reversal zones
  • Sofisticated alerts and notifications system

Input parameters

Timeframes:

  • TF 1
  • TF 2
  • TF 3
  • TF 4

In case of choosing repeated timeframes, only the selected ones are represented by the indicator (possibility of changing from 1 to 4 TFs).

Visibility:

  • TF 1 visibility
  • TF 2 visibility
  • TF 3 visibility
  • TF 4 visibility

Performance:

  • Activate performance mode: activate performance mode. It consists of a simpler representation of the order blocks / zones to guarantee perfect fluency in computers with lower performance. This mode only changes the Order Block representation from Canvas to Retangles, this way the indicator works smooth in computers with less resources. Please take in considerantion Metatrader overlapping color rules if you are using the performance mode.
  • Candle tolerance for Order Blocks: higher tolerance represents more hidden order blocks in lateral zones

Representative levels:

  • Show the wick of the Order Block Candle
  • Show the body of the Order Block Candle
  • Show the 50% of the Order Block Candle

Interface:

  • Button size X: button width
  • Button size Y: button height
  • Indicator position: position of the indicator (up/down & left/right)

Start date

  • Starting date: select a start date for the indicator order block search

Notifications

  • Activate Alerts: enable this parameter to receive a notification in your Metatrader terminal when the price enters an order block.
  • Activate Notifications: enable this parameter to receive notifications from the Metatrader phone application when the price enters an order block.

Colors

  • Transparency: transparency of the blocks of orders. (Not active for performance mode)
  • TF 0 Bear: color of zones sale in TF 0
  • TF 0 Bull: color of zones buy in TF 0
  • Fill rectangles: fill the order blocks with the selected color
  • Lines Color Bear: color of representative levels in bandage zones
  • Lines Color Bull: color of representative levels in buying zones
  • TF Color active: color of the TF button if it is visible
  • TF Color deactivate: color of the TF button if it is deactivated

Author

Diego Arribas, private investor and speculator, automation engineer in the aerospace industry.

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