ICT Single Candle Order Block (SCOB) [UAlgo]

3 thg 7, 2024

The "ICT Single Candle Order Block (SCOB) [UAlgo]" designed for traders who utilize the concept of Order Blocks in their trading strategy. Order Blocks are significant price levels where institutions or smart money have placed their trades, leading to potential future price reactions when these levels are revisited. This indicator focuses on identifying and highlighting Single Candle Order Blocks (SCOBs), allowing traders to visually analyze key price levels on their charts.

🔶 What is Single Candle Order Block (SCOB) ?

A Single Candle Order Block (SCOB) is a specific type of Order Block that is identified based on a single candlestick pattern. These patterns indicate potential areas where significant buying or selling interest has occurred, often leading to a notable price reaction when revisited. In the context of this indicator, a bullish SCOB is identified when a specific bullish candlestick pattern is met, and a bearish SCOB is identified based on a bearish candlestick pattern.

Bullish SCOB: Detected when the open price of two bars ago is higher than its close, the close price of the previous bar is higher than its open, the current close price is higher than the open, the low of the previous bar is lower than the low of two bars ago, and the current close is higher than the high of the previous bar.



Bearish SCOB: Detected when the open price of two bars ago is lower than its close, the close price of the previous bar is lower than its open, the current close price is lower than the open, the high of the previous bar is higher than the high of two bars ago, and the current close is lower than the low of the previous bar.



🔶 Key Features

Show Single Candle Order Block (SCOB): Toggle the visibility of the Single Candle Order Blocks on the chart.

Mitigation Method: Choose between "Close" and "Wick" methods for determining whether a SCOB has been mitigated (price has interacted with the block).

Show Last X SCOBs: Control the number of most recent SCOBs displayed on the chart, allowing you to focus on the most relevant price levels.

Volatility Filter: Enable or disable the volatility filter, which uses the Average True Range (ATR) to filter out less significant SCOBs. When enabled, only SCOBs with an ATR above the mean value of the ATR are displayed.

Customizable Colors: Configure the colors for bullish and bearish SCOBs to enhance visual clarity. The indicator uses cooler RGB values to ensure the blocks are distinct and easily noticeable.

🔶 Disclaimer

The "ICT Single Candle Order Block (SCOB) [UAlgo]" indicator is provided for educational and informational purposes only. Trading involves significant risk and may not be suitable for all investors.

Past performance is not indicative of future results. Users should use this indicator in conjunction with their own research and trading strategy.

5 thg 7, 2024

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