Order Block Refined indicator for Smart Money and ICT for Meta Trader 4 Download - Free - [Trading Finder]

The Order Block Refined (OBR) indicator is a unique tool for traders using ICT and Smart Money (SMC) trading styles, designed for the MetaTrader 4 (MT4) platform. This indicator identifies bullish order blocks in green and bearish order blocks in brown, alerting traders to key areas in the market. Order block zones are considered crucial price areas, as large influential orders increase the likelihood of price reversals or changes in trend direction. This indicator helps analysts make more informed decisions based on price behavior in these zones.

Order Block Indicator Table

Bullish Order Block (OBR)

On the 15-minute GER40 Index chart, the Order Block Refined (OBR) indicator identifies bullish order blocks and displays them in green, informing traders of key price zones. In this chart, an order block is determined at the price level of 18207.4 and marked with a rectangle. After the price returns to this zone, a strong upward reaction occurs, indicating the importance of this zone in guiding price movements and trend changes. Traders can use this information to make more precise trading decisions.

Bearish Order Block (OBR)

In the 5-minute USD/CAD chart, a bearish order block is identified at the price of 1.35720, displayed in brown. When the price returns to this key price zone, it reacts, testing the order block again, but fails to break through this important zone. After this, a sharp downward trend follows.

Refined Order Block Indicator Settings

• Color theme of chart and object: Set the chart theme to one of three options: Light, Dark, or Auto;
• How many candles to consider: Number of candles from the past to include in the calculation;
• Trend Calculation type (ZigZag.Candle): Choose the trend calculation type based on ZigZag or Candles;
• Do you want to see the arrows for the first cycle?: Enable/turn off the display of arrows for the first cycle;
• Do you want to see Order Blocks? Turn on/off the display of order blocks;
• The Order Block Mode: Set the order block mode to one of three options Normal, Aggressive;
• Invalid Order Block by new one: Continue/discontinue the previous order block zone;
• Invalid Order Block by close beyond: Complete the zone until a new zone opens.

Conclusion

The Refined Order Block (OBR) indicator is a suitable tool for traders seeking strong potential order blocks. It is helpful for traders looking for order blocks on price charts. Identifying and drawing bullish blocks in green and bearish blocks in brown highlights the large orders of banks and financial institutions.