OPEN-SOURCE SCRIPT
MA OrderBlocks [AlgoAlpha]
Updated
🟨 HMA OrderBlocks by AlgoAlpha is a powerful tool designed to help traders visualize key pivot zones and order blocks based on the Hull Moving Average (HMA). By dynamically identifying bullish and bearish pivot points, this script provides insights into potential price reversals and trend continuations. With customizable settings, it allows traders to tweak the behavior of the indicator to match their strategies. Plus, it comes packed with built-in alerts for trend changes, making it easier to spot potential trade opportunities.
Key Features:
How to Use:
How It Works:
The script starts by calculating the Hull Moving Average (HMA) based on the user-defined length, which is used to determine the market trend direction. It compares the current HMA value with the previous one to confirm whether the price is trending upwards or downwards. Once a trend change is detected, it plots bullish or bearish order blocks based on recent pivot highs and lows. These zones are extended in real-time as long as they remain invalidated. Zones are invalidated are invalidated when price completely closes through them. If the price gets close to a zone in the opposing direction, a warning system alerts the user that the block may not hold. Additionally, customizable alerts trigger whenever the price trend shifts or the price gets near important bullish/bearish blocks. The script’s logic ensures that order blocks are cleared if price violates them, keeping the chart clean and updated.
Key Features:
- 📊 Trend Detection: Utilizes Hull Moving Average to detect the current trend.
- 🟢🔴 Bullish & Bearish Zones: Automatically plots bullish and bearish order blocks, using customizable colors for clear visual cues.
- 🎯 Pivot Points: Detects and marks pivot highs and lows, helping traders spot key price reversals.
- 🚨 Alerts: Built-in alert system for when the price approaches key bullish or bearish zones, or when the trend changes.
- 🔨 Customizable MA: Choose from various moving averages (SMA, HMA, EMA, etc.) to suit your strategy.
How to Use:
- ⭐ Add the Indicator: Add the indicators to favourites by pressing the star icon. Once added, configure settings like the Hull MA period and pivot detection period.
- 📈 Analyze the Chart: Watch for the plotted order blocks and pivot points to identify possible price action strategies.
- 🔔 Enable Alerts: Set up alerts to be notified of potential trend reversals or when the price nears a bullish/bearish block.
How It Works:
The script starts by calculating the Hull Moving Average (HMA) based on the user-defined length, which is used to determine the market trend direction. It compares the current HMA value with the previous one to confirm whether the price is trending upwards or downwards. Once a trend change is detected, it plots bullish or bearish order blocks based on recent pivot highs and lows. These zones are extended in real-time as long as they remain invalidated. Zones are invalidated are invalidated when price completely closes through them. If the price gets close to a zone in the opposing direction, a warning system alerts the user that the block may not hold. Additionally, customizable alerts trigger whenever the price trend shifts or the price gets near important bullish/bearish blocks. The script’s logic ensures that order blocks are cleared if price violates them, keeping the chart clean and updated.
Release Notes
added ability to modify lengthOpen-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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🚨Get premium: algoalpha.io
🛜Get FREE signals: discord.gg/xCmqTVRexz
❓Do you have feedback or indicator ideas? Join our server to tell us about it!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.