Simple Order Blocks
An order block also known as a block of order is a significant order placed for sale or purchase of a large number of securities. They are often used by institutional traders, and is a different way of looking at support and resistance. These levels are temporally used, before new levels and areas of interest are created.
The simple order block indicator attempts to find the order blocks, which are more often than not optimal trade entries. The primary strategy when using the indicator when making entries at strategic points, we expect the price to move away from that price point and should not return. If the price returns, then the strategy becomes violated. Because of that, the stop loss should be brought to breakeven after a few pips have been booked, say 10–15 pips.
Simple order blocks indicator works best on the H4 timeframe.
NOTE: Press SHIFT key to refresh the indicator whenever the order blocks become distorted.
How it works
The simple order blocks indicator draws areas where institutional order flows are likely to occur. When the price gets to the highlighted area, an alert will go off, prompting for your actions.
You will then decide whether to buy or sell, depending on market conditions.
The Simple Order Block has alerts, so you do not have to stare at the charts all day long.
Load the indicator to the charts and you will receive alerts when it finds the entry points.
- Order Block Color - color of blocks. The default is set to gray.
- Max Width Limit of Order Block (in Points) - limit the width of the order block to a certain value. Longer widths tend not to work.
- Min Width Limit of Order Block (in Points) - limit the width of the order block to a certain value. Shorter widths tend not to work.
- MT4 Alerts - send alerts through the desktop platform when price gets to the block.
- Email Alerts - send alerts through email when price gets to the block
- Phone Alerts - send alerts through the phone app (push notifications) when price gets to the block