This All in One Order Blocks Indicator for MT4/MT5 is a tool designed to help traders identify potential areas of interest in the forex market by marking unmitigated, mitigated, and breaker order blocks on the chart. By highlighting these areas, the indicator offers a structured view of the market, allowing traders to see potential reversal and continuation zones clearly. Each order block is displayed as a colored rectangular area with labels, making it easier for traders to spot key market levels quickly.
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What are Order Blocks?
Order Blocks, originally introduced by the ICT (Inner Circle Trader) community, are a trading concept rooted in traditional support and resistance analysis. Similar to these levels, Order Blocks form around the highs and lows of price swings, and traders often look for the price to either react at these levels or, if broken, retest and continue in the same direction. While the concept is well-established, the Complete Order Blocks Indicator brings a fresh and modern approach to chart analysis, making it an effective tool for both new and experienced traders.
Types of OB in the Complete Order Blocks Indicator
During the development of the Complete Order Blocks Indicator, the distinction between different types of order blocks was observed to represent various states of a single order block. To streamline analysis, the indicator consolidates three primary types of order blocks into a single tool:
- Unmitigated Order Blocks – These are zones that the price has yet to touch. Representing fresh demand or supply levels, they act as potential support and resistance zones.
- Mitigated Order Blocks – Zones that have experienced some price action but remain relevant as potential reversal points. The price has touched but has not fully covered these blocks.
- Breaker Order Blocks – Areas where the price has fully covered the order block, often indicating a potential trend continuation.
These types are displayed on the chart with distinct colors and labels, allowing traders to differentiate between them at a glance. The indicator also highlights the specific candle that forms each order block with a unique color.
How All in One Order Blocks Indicator Works
The All in One Order Blocks identifies order block zones by determining a specific candle, with the block’s height equal to the candle’s height. The process involves three main steps:
- Identify Swing Highs and Lows: The indicator uses the ZigZag tool to find the low or high of a swing. The candle at the top (for highs) or bottom (for lows) is considered the order block candle, subject to additional filters.
- Body Comparison: The next candle after the order block candle should have a larger body than the order block candle itself.
- Shadow Check: The shadow (wick) of the third candle—following the next candle—should not touch the shadow of the order block candle.
An optional filter can be enabled in the settings to validate order blocks based on the candle’s direction: bearish candles for lows and bullish candles for highs.
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Practical Applications for Traders
While order blocks are not standalone trading signals, they serve as valuable confirmation tools for setups when combined with other indicators. Here is a breakdown of how each type of order block can be utilized similarly to support and resistance zones:
Unmitigated Order Blocks
- Strategy – Wait for the price to approach these untouched zones before considering a trade.
- Bullish Scenario – Acts as a potential demand zone; traders may look for buying opportunities.
- Bearish Scenario – Serves as a potential supply zone; traders might consider selling positions.
Mitigated Order Blocks
- Strategy – Look for reversal signals as the price has interacted with the zone but not fully covered it.
- Bullish Scenario – May indicate a support level; traders could initiate long positions upon confirmation.
- Bearish Scenario – Could signal resistance; traders might enter short positions if reversal signs are present.
Breaker Order Blocks
- Strategy – Use these zones to confirm trend continuation after the price has fully covered the order block.
- Bullish Scenario – Suggests an uptrend continuation; traders may buy on a retest of the area.
- Bearish Scenario – Indicates potential downtrend continuation; traders might sell upon retesting the zone.
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Conclusion
The All in One Order Block Indicator for MT4/MT5 offers traders a visual method to identify key areas of interest in the market. By understanding and utilizing unmitigated, mitigated, and breaker order blocks, traders can enhance their analysis of market structure and price dynamics. Integrating this complete order blocks indicator with other trading strategies and tools may improve decision-making and contribute to more effective trading practices.
