Order Block Locator Indicator
The Order Block Locator Indicator for MT5 provides the best buy and sell signals in the forex market based on price exhaustion points.
The Order Block Locator indicator for MT5 provides important information about the market structure. The indicator identifies major trend reversal points and momentum depletion points. As a result, forex traders can identify bullish and bearish price reversal zones and BUY and SELL accordingly.
In addition, the indicator generates alerts whenever a trading signal is available.
An order block is a market structure that is defined as the last bearish candle before a bullish price move and vice versa. These order blocks act as support and resistance when traders expect the price to change direction. The indicator is well suited for advanced traders.
However, new traders can gain knowledge with practice. The indicator works well on all intraday timeframes as well as daily, weekly and monthly price charts.
Order Block Locator indicator for MT5 trading signals
The above EURUSD M30 shows the Order Block Locator indicator for MT5 in action. The indicator draws blocks of bullish orders in dark green, and blocks of bearish orders in dark purple. In addition, the indicator notifies you with messages, sound and push notifications. They can be entered according to the user’s requirements in the indicator settings.
If the price enters a Bullish order block, this indicates a possible price reversal. Thus, technical traders should look for a BUY entry point based on price action in a Bullish order block. Because a bullish order block represents strong support, all technical indicators and technical trading strategies to test support are applied to trading a bullish order block. The best stop loss is below a block of orders or the previous swing low. However, take profit positions are based on the risk/reward ratio or the next available resistance.
Similarly, if the price enters a block of bearish orders, forex traders should place a SELL position and the market is expected to reverse. The best entry into a bearish zone is based on price action. A stop loss above a block order or a previous swing high provides the best results. However, traders should aim to make profits with a good risk-to-reward ratio.
An order block is often a zone rather than a single line or dot. Thus, forex traders should look into the block of orders and react accordingly within the zone. Breakout of a block of orders indicates a potential trend reversal point in the direction against the trend. However, order blocks that continue in the direction of the previous trend are often more profitable and have a good risk/reward ratio.
Conclusion
The Order Block Locator indicator for MT5 is similar to support and resistance. However, price tends to respect these blocks due to the nature of the price action around these levels. Not all order blocks provide the necessary price reversals, so Forex traders should use other technical indicators and price action to confirm BUY and SELL trading signals. In addition, the indicator is free to download and easy to install.
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