OPEN-SOURCE SCRIPT
Order Blocks W/ Realtime Fibs [QuantVue]
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!
We hope you enjoy.
Cheers!
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!
We hope you enjoy.
Cheers!
Open-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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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.