Order Blocks V5 User Guide
This indicator is a chart overlay tool designed to visualize order blocks, market structure, and optional trend related elements.
It is intended for technical analysis and research purposes only.
All features can be enabled or disabled individually in the settings.
Basic Usage
Add the indicator to the chart and apply it to a candlestick chart.
Once loaded, the script will automatically detect and display order block related structures based on the current settings.
The indicator works on all timeframes.
Parameter adjustments may be required depending on the market and timeframe used.
Order Blocks
Swing Order Blocks represent higher level structural order blocks.
They are commonly used to observe major pullback zones and important reaction areas within a trend.
You can enable or disable Swing Order Blocks, adjust the swing strength, customize bullish and bearish colors, and define whether order blocks are removed after mitigation.
Internal Order Blocks represent lower level internal structure order blocks.
They are useful for short term pullbacks and refined structure observation.
Internal Order Block length, colors, transparency, and mitigation behavior can be adjusted independently from Swing Order Blocks.
Order Block Mitigation
An order block can be considered mitigated based on either the closing price or the high and low price.
This setting determines when an order block is invalidated or removed from the chart.
Touch Signals
A touch signal is displayed when price interacts with an order block area.
Optional alerts can be enabled for touch events.
Signal frequency can be limited to avoid repeated signals on the same order block.
Reversal Signals
After a valid touch, the indicator may display a reversal label if price action confirms a reaction.
Swing based signals and internal structure signals are displayed separately.
These signals are visual references only and are not trade instructions.
Wave Lines
Wave lines connect confirmed swing highs and swing lows.
They are used to visualize market structure progression over time.
Line color, width, style, and the maximum number of displayed waves can be customized.
Wave Trend Lines
Trend lines are automatically drawn based on wave points.
Both uptrend and downtrend lines are supported.
Trend lines can optionally extend to the right and historical lines can be kept or removed based on user preference.
Optional Tools
Bollinger Bands can be enabled independently.
Length, standard deviation, colors, and fill transparency can be adjusted.
Multiple exponential moving averages are supported.
Each moving average can be enabled or disabled individually and customized with its own color and length.
Visual Controls
Pivot labels can be shown or hidden.
All colors, transparency levels, and line styles can be customized.
For cleaner charts, unused modules can be disabled or transparency levels can be increased.
Usage Notes
It is recommended to start with Swing Order Blocks for higher timeframe context and then add Internal Order Blocks for finer structure analysis.
Different markets and timeframes may require different parameter settings.
Disclaimer
This indicator is provided for technical analysis and educational purposes only.
It does not constitute financial advice or a trading recommendation.
Always apply your own judgment and risk management.