In order to trade the order blocks effectively, you have to look for an area on the price chart where the price had a large move. This script automatically draws the order blocks for you, so you don't have to.
Blue OB (supply): search for short opportunities Green OB (demand): search for long opportunities
Please be aware: Do not buy and sell from every order block.
You can set two types of alerts: - Buy - Sell
Some short information about order blocks: Order blocks are huge institutional buy or sell orders placed over a particular period. During these, the institutional players are looking to build up their positions in the markets.
Catatan Rilis
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Updated to PineScript v5
Fixed Alert Bug
Added clearer code comments
Added ability to change OB Colors
Catatan Rilis
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Added the option to choose between either closes or wicks as an option for Order Block mitigation
Very interesting. Thank you for your work on this.
I do have a question if you could assist. I notice there is a sensitivity (defaulted to 28, I believe) where you can increase to show more, or decrease to show less, order blocks.
Could you help me understand what "unit" of measure or consideration in this is being increased/decreased when that number changes? Just curious for when I am maybe looking on higher or lower timeframe (for refining entries).
@Sonarlab, Please keep it in another distinct colour so that one may know which support/supply zone has been breached earlier. It will add to trading decision.
HenryC999
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@five_min_cahrts, Agree, it repaints terribly. So not really usable.
nickhil13
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Hi, Great Work with the Indicator. Just haven't been able to nail the sensitivity for different time frames. Have tried different settings but still running around in circles. Would you be kind enough to please spell out the sensitivity settings you guys use and recommend for different time frames like 5 min, 15 min, 30 min, 1 hr, 4 hr and Day?
nooby_trader
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Hi, When the order block is taken out will it be disappeared? Also does the orderblock is removed from chart only when price closes above/below it?
I am asking because in this chart, order block is taken out several times by wicks, but it is still present.
I do have a question if you could assist. I notice there is a sensitivity (defaulted to 28, I believe) where you can increase to show more, or decrease to show less, order blocks.
Could you help me understand what "unit" of measure or consideration in this is being increased/decreased when that number changes? Just curious for when I am maybe looking on higher or lower timeframe (for refining entries).
Blessings!