Order Block Breaker Indicator Dashboard MT5
If you don't have the indicator the dash will freeze. You have been warned! :)
THIS DASHBOARD IS AN ADD-ON FOR THE ORDER BLOCK BREAKER INDICATOR. IT REQUIRES THE INDICATOR TO FUNCTION.
Get the indicator here: https://www.mql5.com/en/market/product/57892
Telegram group now setup for pre-sales questions and general order block chat. https://t.me/breakertrader_chat
This dashboard shows a wealth of information but it's primary purpose is to alert you to order blocks that break on specific time frames. It was developed after many people requested a dash to monitor multiple pairs and time frames at once rather than having the order block breaker indicator running on multiple charts in one MT4. It alerts on M15, H1, H4 and D1 timeframes when a breaker happens. Higher timeframes work best of course as with anything in trading and please don't ask for M5. Breakers on M5 are very unreliable! Trust me I've backtested the hell out of this!
The indicator I created to draw the order blocks and alert to breakers on a specific pair runs the dashboard.
The dashboard simply allows you to monitor multiple pairs and time frames and get alerted every time a breaker happens.
The dashboard also monitors and displays key information which is used by many order block traders about the following:
ADR – Shows the normal ADR10 (average daily range) of the pair and how many pips it’s range currently is. When a pair gets to 100% of it’s normal ADR it will turn red and alert (if set to).
ADR/4 – The ADR10 figure divided by 4. Personally I use this as my target 1 on trades when scalping. When price hits it’s ADR10 figure or exceeds it and gives a breaker you will often find it retraces about ¼ of it’s daily ADR or more.
H1 PFH + H1 PFL – Shows where the pair is in relation to BTMMs teachings (Google Beat The Market Maker if you are not familiar) of the 3 waves theory. Price moves in 3 waves and then tends to consolidate at level 3. This column shows what the ADR figure X3 is of the pair and what percentage it is away from the last low or high (peak formation low or peak formation high). I use this as additional confluence if I get a breaker on H1 or M15. This is calculated from hourly charts.
i.e. If price is over 100% from it’s peak formation low and we get a breaker on M15 telling us to go short it’s quite possible price is exhausted and in level 3 consolidation ready to reverse.
YH/YL POS – This just shows if price at the moment is above yesterdays high or below yesterdays low. Breakers above or below daily highs and lows can often be stop hunts so this tells us at a glance where price is right now.
LWH/LWL POS – As above but indicates if price is above/below last weeks high or low. Perfect for people wanting to trade higher time frames like H1 and H4 that will respect weekly levels moreRSI - Choose 3 differnt RSI levels and timeframes you want to monitor. VeryPowerful!
M15 Breaker – D1 Breaker – These columns will turn red or green when a breaker happens on that time frame as indicated by the order block breaker indicator. The dash will clear these at the set time frames they monitor.
NOTE: The dashboard will not clear breaker alerts (red/green boxes) automatically. This is by design so you can see them if away from the charts. To reset, simply refresh the indicator or close and restart.
About Order Blocks:
Order blocks are widely used by many traders. There is a wealth of information on the web about them but basically they are candles of opposing colour to a trend or move that are where orders are accumulated before a move continues. They support a continuous move in one direction until one of those candles is broken (a candle closed above/below it in the opposing direction).
So the basic premise of the indicator is that when you get a breaker after a move down it's possible a bottom has formed and a change in market structure is about to occur (reversal - either short or long term). Of course not every breaker will work out and if price continues in the same direction (in this case down) and closes below the most recent low that breaker block (broken order block) is invalidated and hense the indicator removes it from the chart and continues to draw in new order blocks.
For more information and strategies to use with order blocks see here: www.breakertrader.com