SR Imbalance Scalping
Latest Update :
- Please message me if you purchase the indicator with your proof of purchase. You are entitled to receive My Trading Companion - a utility that will help you a lot in trading with the indicator. It is a bonus for buyer, and some already love and can't stop using it. We are not allowed to know who the buyers are unless you reach out to us with proof of purchase.
- Added Feature : Stop Hunt Area. Use the feature to see Stop Hunt Area on lower time frame. Price will reject on the area or break the area to continue its movement. This will help your judgement whether to place market order buy or sell depends where it goes after it enters the area. Default set for SH area is 3 pips, you can change to how many pips as you like based on your experience.
You can see how the indicator runs on the video below. Spotting Imbalance and Order Block will be easier on any timeframe and currency :
if you cannot see it, just go to https://youtu.be/09OgBXD66TE.
SR Imbalance Scalping is a new way of scalping based on price imbalance. Price imbalance happens when price moves rapidly because of lack of buyers or sellers. It is believed that price will get back to where imbalance formed before continuing its move to a certain direction. This indicator captures those imbalances and forms rectangles as area of imbalances. After months of investigation using this indicator, we note that many times price won't come inside imbalance area. Instead it just touches the rectangle line and continues moving away off the area. This makes the area as perfect support and resistance area, and we trade based on that.
If you are trading with Smart Money Concept, now we are adding Order Block to enable you spot the most possible area that the price might touch and rejected.
Imbalance or Fair Value Gap and Smart Money Concept are introduced by ICT and we value his contribution very much. Treating imbalance as Support and Resistance is merely based on our experience.
The indicator will spot Imbalances and or Order Blocks on the time frame you choose with your chosen colors. Treat both of them as areas of support/demand and resistance/supply. We recommend using H1 - D1 time frame for better result.
How to use it :
1. Open H1-D1 chart of any currency.
2. Attach SR Imbalance Scalping indicator to the chart. You will immediately see some imbalances (as support and resistance areas) on the chart if any.
3. Look at the current trend based on the time frame. Place limit order at exactly at the lower rectangle line of imbalance (red rectangle) or at exactly the upper rectangle line of imbalance (blue rectangle). Put SL (stop loss) on the other rectangle line.
- Rectangle will immediately disappear if not valid anymore. Now you can set validity with the new feature. Validity works on future rectangle areas only and areas which have not been touched by price.
- Save the indicator into a template so that whenever you are away of your keyboard and want to make sure you have the fresh imbalance spot, you can reload the template at anytime.
- Do not use Symbol Changer indicator or any means to switch chart within the same chart window. Open separate chart for each symbol instead.
Now combining with Imbalance and Order Block, we know that when this SH area overlaps with Imbalance or Order Block area, it is the best place to place limit order. When it breaks the area, it could be a sign of opposite movement.
Now on Break of Structure, I am still working on it. Finding the right BOS is not simply finding higher high and lower low area like what ZigZag, DeMarker, or Fractal did. I am still working on that.
- Other additional input is not important currently, i.e. ObjectSelectable. This is for my plan to prepare a thank you gift to you who are already made or will make one time purchase for this product. Hopefully it will be ready by next week.
- If you set Use_Notification to true, then there will be two kinds of notification :
- Notification sent in-line with signal to open a limit order.
- Notification sent if price enters the rectangle area, not necessarily in-line with signal, just in case you are interested to take
action on the area.
Please do try on validity set from 0.1 to 1, then you will find out why certain Order Block or Imbalance not shown on the chart. Default validity / tolerance set is currently at 0.1 (10%) only.
Now I can move to the next stage for the next update.
Let me hear your feedback after you attach this to your chart.
Please close all old chart and open new one before you use this new update.
1. Once price enters the area, even it is rejected showing bearish candle on resistance area or bullish candle on support area. Area is no longer usable (not valid) anymore. Before I still show the area if got rejected, but past test showed better we don't use the area anymore and use the next area adjacent to it. I am testing using ea too and the result is much better than before.
2. On signal : signal is improved now because of point 1.
Sorry I just cannot settle with mediocre indicator. There will be more updates to come following my thought process on my own trading journey.
- Adding validity input to filter more valid OB. Value as percentage of area touched by price.
- Adding notification related to signal
- Adding Alert
- Adding Pending Order Signal
almost less a second waiting time.
- Code optimized
- Next Upgrade : will migrate to EA to enable open limit and or stop order on chosen imbalance and order block with auto lot size.
- Adding Smart Money Concept - Order Block feature
- Capability to show Imbalance or Order Block only or Both