The "Order Blocks W/ Realtime Fibs" indicator is a comprehensive tool combining the concepts of order blocks with Fibonacci retracement. The combination can be a powerful tool for identifying entry and exit points, and potential target areas.
Order blocks indicate where major players have likely placed their orders, while Fibonacci levels provide a mathematical basis for potential support and resistance areas.
What is an Order Block?
An order block in trading refers to an area on the chart in which it is believed a substantial number of orders (buy or sell) collected over a short period. Typically, these are identified as a range of consecutive aggressive bullish or bearish bars (candles). They represent areas where significant market players have entered the market, creating a footprint of their activity.
The indicator is highly customizable allowing user to select the number of consecutive bars and minimum price movement required for an order block, along with other settings like requiring a new order block in the opposite direction before finding a new order block.
Fibonacci Retracements
Fibonacci retracements are popular among technical traders, based on the idea that markets often retrace a predictable portion of a move, after which they continue to move in the original direction.
Once an Order Block is detected the indicator will automatically draw Fibonacci levels and continue to update those levels in real time until the user selected retracement level has been hit or a new more relevant order block has been found.
The combination of order blocks and Fibonacci retracements in this indicator can be used as a method for spotting potential reversal zones.
Indicator features: 🔹Custom Order Block Parameters 🔹Mitigation Type 🔹Custom Colors 🔹Select Retracement Levels 🔹Alerts for Order Blocks & Retracements
Give this indicator a BOOST and COMMENT your thoughts!
A red carret pops up sometimes. What does that mean?
aspersons
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I would love to check this indicator out! When I loaded it on my chart I got a "study error" message. when clicking on the message it said "memory limits exceeded". Can you tell me why I am seeing this and how to fix it so that I can check it out please... Thank you!
fulviobarbieri8
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@aspersons, same issue. the indicator is terrific but in certain conditions i got the same error.
Tkysl
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Great work ! Please add breaker blocks too, also i have question do you use pivots to obtain order blocks or just looking for consecutive candles?
suvomoy17
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@Tkysl, This is not a pivot based OB .. In TV u could not find any Pivot Based Real-Time OB Free Script .. This is a Candle Based pattern Detector Order Blocks ..
TezzaTrading13
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Im going to try it out, i really like the concept as it provides good confluence. Ill report back after a few weeks of testing it. I appreciate the work you have done to create this..
@BuDana22, Its work well, im still working out the best time frame to use it with the time restrains i have. But more so creating a strategy around it to give me more confluence..
zadrot140395
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@TezzaTrading13, Hello, how are you doing on the test? found something