Origin Order Block Indicator is a smart money indicator that displays the initial order block from which a significant price move originates, so-called origin order block. Traders often watch these blocks closely because they can act as strong support or resistance levels when the price revisits them. Let’s dive into the Origin Order Block MT4.
What are Origin Order Block?
Before diving into the specifics of the indicator, it’s vital to comprehend what an ‘Origin Order Block’ is. It is typically found at the extremities of the current range, often referred to as the ‘External Range’. Its strategic placement ensures a reaction in the price, usually a retrace or a reversal when it encounters these blocks. This predictability is what makes them a favored trading tool for many.
Trader X succinctly says, “When you spot an origin order block aligned with the current trend, the chances of securing pips skyrocket. While those against the trend might offer fewer pips, the rewards for the former can be significantly high.”
In the fast-paced trading world, timely alerts can be the difference between profit and loss. Order Block MT4 ensures that users never miss out on a potential trading opportunity. The system offers:
- Standard MT4 pop-ups with sound.
- Email notifications.
- Push notifications for mobile devices.
This SMC Indicator isn’t a standalone trading indicator System. Still, it can be very useful for your trading as additional chart analysis, to find trade exit position(TP/SL), and more. While traders of all experience levels can use this system, practicing trading on an MT4 demo account can be beneficial until you become consistent and confident enough to go live. You can open a real or demo trading account with most Forex brokers.
Origin Order Block Indicator can be used on any Forex currency pair and other assets such as stocks, commodities, cryptos, precious metals, oil, gas, etc. You can also use it on any time frame that suits you best, But it works best on M5, M15, and M30.
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Features of Origin Order Block MT4
This state-of-the-art indicator offers traders a panoramic view of origin order block MT4 on any MT4 chart. Here are its standout features:
- Dual Display: The indicator exhibits bullish and bearish blocks on any chosen timeframe.
- Flexibility in Display: Traders can opt to view only bullish or bearish blocks. Additionally, they can choose to highlight just the candle of the block or include the wicks. The indicator also provides an option to spotlight all the candles within the block or just the concluding one.
- Customizable Look-back: You’re not restricted to a set number of candles. Adjust how many you want the indicator to look back at.
- Adjustable Highlight Box: Modify the length of the highlight box encapsulating the blocks for better visualization.
- Dynamic Look-back Line: This feature assists in determining the ‘external range’. You can choose between a trailing or a stationary line.
- Alert System: Never miss an opportunity. The indicator provides alerts through popups, push notifications, and email.
- Delay Setting: A handy feature to prevent false triggers, especially when the price touches the Origin order block shortly after moving away.
Input Parameters
- Display OB Option – Allows you to display:
- Both Bullish and Bearish origin order blocks
- Bullish blocks only
- Bearish blocks only
- Hide all blocks
- Look-back Candle Count – Set the amount of candles that the indicator will look back to highlight the ‘external range’ origin order blocks
- OB Candle Type – Choose to highlight the origin order blocks candle (body) only, or to highlight the origin order block MT4 candle body AND its wicks.
- Popup Alert – The Alert will trigger the popup window and an alert sound.
- Push Alert – Alert will trigger a message sent to your cell phone.
- Email Alert – Alert will trigger a message sent to your email address.
- Candle Delay For Alerts – Will delay the Alert trigger for the amount (of candles) entered here. (Sometimes, the price will touch the ‘Origin’ order block in the first few candles as the price moves away, so setting a delay will stop these ‘false’ triggers).
- Show Look-back Line – Select true or false to display the look-back line on the chart.
- Auto-move Look-back Line – Select true or false. If set to ‘true’ the look-back line’ will automatically ‘trail’ the current candle by the number of candles set in the ‘Look-back Candle Count’ setting. If set to ‘false’ the Look-back line will remain stationary.
- Look-back Line Color – Select the color of your choice
- OB Candle Capture – Choose to highlight all the candles that make the block (whole OB) or the last candle of the block only (last candle only)
- OB Box Length, Bars – If set to 0 (zero), the origin order block box will extend to the current candle. If any other number is used, the origin order block box will extend to that amount of candles
- OB Box Type – Choose to highlight the origin order block box as either an ‘outline’ or a ‘filled’ color box
- Bull Box color – Select the color of your choice
- Bear Box color – Select the color of your choice
Conclusion
The Origin Order Blocks Indicator is more than just a tool; it’s a trader’s companion in the complex world of Forex. Its dynamic display options and intuitive alert system ensure traders are always ahead of the curve. Whether you’re a novice or a seasoned trader, this indicator can significantly enhance your trading strategy, ensuring you reap the rewards of your efforts.
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[…] Origin Order Block MT4 Indicator – This tool focuses on identifying the ‘origin’ points of major price moves – essentially the initial order blocks that sparked significant bullish or bearish trends. It’s beneficial for spotting potential entry points for trend-following strategies. […]