Scribd
Upload
37 views3 pages

Order Bloc Finder

This document describes an indicator to identify order blocks on a chart. It analyzes price data to find bullish and bearish order blocks, which are groups of candles signaling potential directional moves. It plots shapes and channels to display identified order blocks from the selected timeframe. The indicator can alert the user when new bullish or bearish order blocks are detected.

Uploaded by

emilieboatca
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as TXT, PDF, TXT or read online on Scribd
37 views3 pages

Order Bloc Finder

This document describes an indicator to identify order blocks on a chart. It analyzes price data to find bullish and bearish order blocks, which are groups of candles signaling potential directional moves. It plots shapes and channels to display identified order blocks from the selected timeframe. The indicator can alert the user when new bullish or bearish order blocks are detected.

Uploaded by

emilieboatca
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as TXT, PDF, TXT or read online on Scribd
You are on page 1/ 3

//@version=4

study("Order Block Finder", overlay = true)

tip1 = "Indicator to help identify instituational Order Blocks (OB). OBs often
signal the beginning of a strong move. There is a high probability that OB price
levels will be revisited in the future and are interesting levels to place limit
orders. Bullish Order block is the last down candle before a sequence of up
candles. Bearish Order Block is the last up candle before a sequence of down
candles."
tip2 = "!Experimental!\nFind Order Blocks from different timeframes. Channels
prices are accurate, but arrow position is not. Most useful when selecting a
timeframe higher than the chart."
tip3 = "Required number of subsequent candles in the same direction to identify
Order Block"
tip4 = "Measured from from potential OB close to close of first candle in sequence"
dummy = input(true,"Hover over ( ! ) for documentation", tooltip = tip1)
colors = input("LIGHT","Color Scheme", options=["DARK", "LIGHT"])
//res = input("","Order Block Timeframe",input.resolution,tooltip=tip2)
periods = input(7, "Relevant Periods to identify OB",tooltip=tip3) //
Required number of subsequent candles in the same direction to identify Order Block
threshold = input(0.0, "Min. Percent move for valid OB", step = 0.1,
tooltip=tip4) // Required minimum % move (from potential OB close to last
subsequent candle to identify Order Block)
bull_channels = input(2, "Number of Bullish Channels to show") // Num
of channels
bear_channels = input(2, "Number of Bearish Channels to show") // Num
of channels

//Data Curation
res = ""
[copen,chigh,clow,cclose] = security(syminfo.tickerid,res,
[open,high,low,close],barmerge.gaps_on, barmerge.lookahead_off)

ob_period = periods + 1 //
Identify location of relevant Order Block candle
absmove = ((abs(cclose[ob_period] - cclose[1]))/cclose[ob_period]) * 100 //
Calculate absolute percent move from potential OB to last candle of subsequent
candles
relmove = absmove >= threshold //
Identify "Relevant move" by comparing the absolute move to the threshold

// Color Scheme
bullcolor = colors == "DARK"? color.white : color.green
bearcolor = colors == "DARK"? color.blue : color.red

// Bullish Order Block Identification


bullishOB = cclose[ob_period] < copen[ob_period] //
Determine potential Bullish OB candle (red candle)

int upcandles = 0
for i = 1 to periods
upcandles := upcandles + (cclose[i] > copen[i]? 1 : 0) //
Determine color of subsequent candles (must all be green to identify a valid
Bearish OB)
OB_bull = bullishOB and (upcandles == (periods)) and relmove //
Identification logic (red OB candle & subsequent green candles)
OB_bull_chigh = OB_bull? chigh[ob_period] : na //
Determine OB upper limit (Open or High depending on input)
OB_bull_clow = OB_bull? clow[ob_period] : na //
Determine OB clower limit (Low)
OB_bull_avg = (OB_bull_chigh + OB_bull_clow)/2 //
Determine OB middle line

// Bearish Order Block Identification


bearishOB = cclose[ob_period] > copen[ob_period] //
Determine potential Bearish OB candle (green candle)

int downcandles = 0
for i = 1 to periods
downcandles := downcandles + (cclose[i] < copen[i]? 1 : 0) //
Determine color of subsequent candles (must all be red to identify a valid Bearish
OB)

OB_bear = bearishOB and (downcandles == (periods)) and relmove //


Identification logic (green OB candle & subsequent green candles)
OB_bear_chigh = OB_bear? chigh[ob_period] : na //
Determine OB upper limit (High)
OB_bear_clow = OB_bear? clow[ob_period] : na //
Determine OB clower limit (Open or Low depending on input)
OB_bear_avg = (OB_bear_clow + OB_bear_chigh)/2 //
Determine OB middle line

// Plotting
plotshape(OB_bull, title="Bullish OB", style = shape.triangleup, color =
bullcolor, textcolor = bullcolor, size = size.tiny, location = location.belowbar,
offset = -ob_period, text = "Bull") // Bullish OB Indicator
bull1 = plot(OB_bull_chigh, title="Bullish OB High", style = plot.style_linebr,
color = bullcolor, offset = -ob_period, linewidth = 2)
// Bullish OB Upper Limit
bull2 = plot(OB_bull_clow, title="Bullish OB Low", style = plot.style_linebr,
color = bullcolor, offset = -ob_period, linewidth = 2)
// Bullish OB Lower Limit
fill(bull1, bull2, color=bullcolor, transp = 50, title = "Bullish OB fill")
// Fill Bullish OB
plotshape(OB_bull_avg, title="Bullish OB Average", style = shape.cross, color =
bullcolor, size = size.small, location = location.absolute, offset = -ob_period)
// Bullish OB Average

plotshape(OB_bear, title="Bearish OB", style = shape.triangledown, color =


bearcolor, textcolor = bearcolor, size = size.tiny, location = location.abovebar,
offset = -ob_period, text = "Bear") // Bearish OB Indicator
bear1 = plot(OB_bear_clow, title="Bearish OB Low", style = plot.style_linebr,
color = bearcolor, offset = -ob_period, linewidth = 2)
// Bearish OB Lower Limit
bear2 = plot(OB_bear_chigh, title="Bearish OB High", style = plot.style_linebr,
color = bearcolor, offset = -ob_period, linewidth = 2)
// Bearish OB Upper Limit
fill(bear1, bear2, color=bearcolor, transp = 50, title = "Bearish OB fill")
// Fill Bearish OB
plotshape(OB_bear_avg, title="Bearish OB Average", style = shape.cross, color =
bearcolor, size = size.small, location = location.absolute, offset = -ob_period)
// Bullish OB Average

var LineBullAvg = array.new_line()


var LineBullHigh = array.new_line()
var LineBullLow = array.new_line()
var LineBearAvg = array.new_line()
var LineBearHigh = array.new_line()
var LineBearLow = array.new_line()

sync = time_close(res)

if OB_bull and bull_channels>0


if array.size(LineBullAvg) == bull_channels
line.delete(array.get(LineBullAvg,0))
array.remove(LineBullAvg,0)
line.delete(array.get(LineBullHigh,0))
array.remove(LineBullHigh,0)
line.delete(array.get(LineBullLow,0))
array.remove(LineBullLow,0)

array.push(LineBullAvg,line.new(x1 = sync, xloc=xloc.bar_time, y1 =


OB_bull_avg, x2 = sync[1], y2 = OB_bull_avg, extend = extend.left, color =
bullcolor, style = line.style_solid, width = 1))
array.push(LineBullHigh,line.new(x1 = sync, xloc=xloc.bar_time,y1 =
OB_bull_chigh, x2 = sync[1], y2 = OB_bull_chigh, extend = extend.left, color =
bullcolor, style = line.style_dashed, width = 1))
array.push(LineBullLow,line.new(x1 = sync, xloc=xloc.bar_time, y1 =
OB_bull_clow, x2 = sync[1], y2 = OB_bull_clow, extend = extend.left, color =
bullcolor, style = line.style_dashed, width = 1))

if OB_bear and bear_channels>0


if array.size(LineBearAvg) == bear_channels
line.delete(array.get(LineBearAvg,0))
array.remove(LineBearAvg,0)
line.delete(array.get(LineBearHigh,0))
array.remove(LineBearHigh,0)
line.delete(array.get(LineBearLow,0))
array.remove(LineBearLow,0)

array.push(LineBearAvg,line.new(x1 = sync, xloc=xloc.bar_time, y1 =


OB_bear_avg, x2 = sync[1], y2 = OB_bear_avg, extend = extend.left, color =
bearcolor, style = line.style_solid, width = 1))
array.push(LineBearHigh,line.new(x1 = sync, xloc=xloc.bar_time, y1 =
OB_bear_chigh, x2 = sync[1], y2 = OB_bear_chigh, extend = extend.left, color =
bearcolor, style = line.style_dashed, width = 1))
array.push(LineBearLow,line.new(x1 = sync, xloc=xloc.bar_time, y1 =
OB_bear_clow, x2 = sync[1], y2 = OB_bear_clow, extend = extend.left, color =
bearcolor, style = line.style_dashed, width = 1))

// Alerts for Order Blocks Detection


alertcondition(OB_bull, title='New Bullish OB detected', message='New Bullish OB
detected - This is NOT a BUY signal!')
alertcondition(OB_bear, title='New Bearish OB detected', message='New Bearish OB
detected - This is NOT a SELL signal!')

You might also like