Order Block Gen
- What is Order Block Gen:
a. Order Blocks Gen:
When an institution wants to open a position with high volume, it does not randomly place a position, because that may upset the market and trigger its order at a worse price and lower its profits. It will try to split the position into small and manageable blocks.
Order block is a market behavior that reveals the pile-up of orders by large entities like governments and big institutions.
In forex, the order blocks are used by the banks to split their big orders into small chunks so that they get their orders filled at better prices without disturbing the market equilibrium.
b. Indicator Vault Order Block Gen:
Order Block Gen scans and finds institutional order blocks.
Institutional order blocks are buying/selling “footprints” left by big institutions.
This indicator helps traders easily see all reversal points in ALL pairs and ALL frames.
c. Trading with Order Block Gen – Method 1:
Bullish order blocks usually mark the beginning of an uptrend. And bearish order blocks usually mark the beginning of a downtrend.
So… you may consider just buying when a bullish order block forms. And sell when a bearish order block forms.
d. Trading with Order Block Gen – Method 2:
Because order blocks represent AGGRESSIVE buying and selling from institutions, price tends to revisit these “hot zones”.
And more often than not, when the price re-touches these order blocks, it will get rejected.
When it happens, that’s a prime opportunity for you to enter a trade.
- Indicator settings:
The ATR (Average True Range) period for zone height check: the specific time frame used in the ATR calculation to determine the height of a zone, like a support or resistance zone.
The ATR multiplier for the minimum zone range: a factor applied to the Average True Range (ATR) to determine the minimum size of zones, such as support or resistance zones. This multiplier essentially scales the ATR value to set a threshold for the minimum range of these zones. This tool is useful in ensuring that the zones identified are significant enough to consider for trading decisions.
The ATR multiplier for the maximum zone range: similar to the above for the maximum zone range.
Candles around high/low: the number of candles near the highest or lowest price points being considered.
Min zone bar count: the minimum number of bars or candlesticks required to establish a valid support or resistance zone.ATR period for SL shift: the timeframe used to calculate the Average True Range for adjusting stop loss levels.
SL shift coefficient: a multiplier used with the ATR value to adjust stop loss levels according to market volatility.
TP coefficient (from SL): a multiplier determining the Take Profit level relative to the Stop Loss distance.
TP&SL Colors: Customize these colors for TP and SL to differentiate between Take Profit and Stop Loss levels.
Mark order block start: toggle highlighting or marking the beginning point of an order block on the chart.
Order Block mark sign: choosing your preferred mark sign (input).
Up/down arrow string & colors: choosing your preferred letter(s) and colors for Up/Down points.
Buy/Sell arrow size: choosing your preferred size of the arrows.
Max back bars: the maximum count of past candlesticks considered by the indicator for its analysis.
- Alert set-up:
To stay updated on potential trading opportunities, you can set up alerts within the Order Block Gen indicator.
Step 1: From the indicator settings, customize your alerts by defining your desired parameters for buy and sell signals. The selected configurations will be used for notifications in Step 2.
Step 2: To receive notifications through the app, pop-ups, alert emails, Webhook URL, sound alerts, or email-to-SMS, enable these features by clicking on TradingView's Alert icon.
Step 3: Select Natural Momentum from the “Condition” dropdown list.
Step 4: A pop-up will appear as follows. Click on “Notification”.
Step 5: Choose the types of notifications you'd like to receive, and click the “Create” button.
