today a new powerful indicator! Welcome to the great world of Breaker Blocks (BB) and Supply-Demand Order Blocks!
So what's the point? As always, the point is how to trade as safer as possible!
Breaker Blocks are price ranges where you simply have to wait for a pullback and sell-buy on its touch and price bounce, like in the screenshot below:
Supply and Demand are very important concepts, synonymous of Support and Resistance in most cases. You should never sell whenever near a demand/support zone, unless price breaks through it as too weak. The same for supply/resistance: you should not buy near resistance, as most times you may start a trade with very high losing risk. Here a screenshot how indicator works showing supply and demand order blocks (just enable them from indicator's option):
This indicator
can analyze chart based on high-low candle prices or open-close one
can show you Breaker Blocks (BB)
can show you Supply & Demand Order Blocks (OB)
lets you decide if you want to see high-low or open-close range of each OB
lets you edit the analysis window
lets you see local tops and bottoms of price as labels
This is a premium indicator, so send me a private message in order to get access to this script.
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Now you can edit lines' width and color!
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Script upgraded again! Now it highlights more Breaker Blocks (BB) than before!
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Tool enhanced! Now it's
easier to spot supply/demand zone, as you can choose to highlight only important levels (high/low, close prices) for supply & demand Order Blocks (OB)
easier to spot breaker blocks zone, for the same reason: draw only the most important levels
easier to change lines' color
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Major update: Breaker Blocks, Supply Demand Order Blocks V2 is live!
User can now:
see Supply/Demand OBs and BB of another timeframe directly in current chart
enable option to Show Trading Suggestions (beta)
disable drawing extension of an OB when it gets broken
set Alerts on Supply/Demand Broken
set Alerts on Price Testing Successfully (Bouncing) on Supply/Demand OBs
set Alerts on Price Bouncing on Breaker Blocks, both bullish and bearish scenarios
Here below an example on EURUSD 1h chart with supply/demand based on 4h timeframe resolution
Here below an example on BTCUSDT 15m chart with breaker blocks based on 1h timeframe resolution
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fixed a bug on BB when using resolution
improved input colors for lines
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added following resolutions:
1 minute
3 minutes
4 days
5 days
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Added Alerts on
New Supply/Demand OB Zone Found
New Bearish/Bullish BB Zone Found
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upgrade to pinescript v5
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Released v3.1
Added more alerts related to Breaker Blocks (when price close inside a BB, when makes a bullish/beraish break or simply makes a bullish/bearish test)
Added Trading Signals related to BB (beta)
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added options to
plot zones from origin candle (option "Plot lines from the start of BB / OB")
plot BB at open-close on the origin candle (close "Open & Close" at option "What to Show about Lines")
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small update
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fixed color selection (transparency inside the block gets kept now)