Advanced Order Blocks by AccountantX

5 thg 7, 2024

The "Advanced Order Blocks by AccountantX" is tool designed to identify and visualize significant order blocks in the market.
This script goes beyond traditional order block detection by integrating advanced features such as volume threshold filtering, ATR-based sizing, and higher timeframe considerations.


How It works:

A. General data :

- Order Block Detection: Identifies bullish and bearish order blocks based on swing highs and lows, with options to filter by volume thresholds to ensure significant levels.

- Volume Threshold: Only displays order blocks where the volume exceeds a user-defined threshold, ensuring the highlighted zones are of particular significance.

- ATR-Based Sizing: Offers the option to use the Average True Range (ATR) for sizing order blocks, allowing for dynamic adjustment based on market volatility.

- Higher Timeframe Integration: Includes the ability to display order blocks from a higher timeframe, providing a broader market perspective.

- Customizable Appearance: Users can customize the colors and transparency of the order blocks, ensuring they fit seamlessly with any chart setup.

B. Code explanation :

- The script allows you to set a minimum volume threshold. Order blocks are only shown if the volume during their formation exceeds this threshold, ensuring that only significant price levels are highlighted.

- When enabled, the ATR (Average True Range) is used to size the order blocks. This means the height of the blocks adjusts dynamically with market volatility, providing a more accurate representation of significant zones.

- The script can display order blocks from a higher timeframe on your current chart. This is useful for aligning shorter-term trading decisions with broader market trends.


C. How to Use:

a) Set the volume threshold to filter out less significant order blocks. Adjust the value according to the typical volume of your trading instrument;

b) Enable the ATR-based sizing and set the period and multiplier to match your trading style. This helps in identifying order blocks relative to market volatility;

c) Choose a higher timeframe if you want to see significant order blocks from a broader market perspective. This can help in making more informed trading decisions.

Acknowledgements:

This script builds upon traditional order block concepts by integrating advanced features and customization options. Special thanks to the TradingView community( fluxchart, LuxAlgo_Team) for providing foundational concepts and inspiration.

Important Note
This script is provided as-is for educational purposes.

16 thg 7, 2024

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V2
Alerts when a new OB is created or deleted

19 thg 7, 2024

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V3

Optimized script
Timeframe information in the order block

27 thg 7, 2024

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Fixing issue when don't find order blocks using higher timeframe option