Rejection Block + Void Indicator for MT4 Download - Free - [TradingFinder]

The Rejection Block Indicator is an effective tool for identifying market reversal points in MetaTrader 4. This tool automatically detects points where the price experiences rejection.

The rejection block operates based on candle shadows; a long shadow near the price peak and a short shadow near the price low are considered market reversal or turning points. Using this indicator, rejection blocks are automatically drawn on the chart. Bullish rejections are shown in green, and bearish rejections are displayed in red.

Indicator Specifications Table

Rejection Block Indicator in a Bullish Trend

The EUR/USD 4-hour price chart demonstrates the indicator's behavior in an uptrend. Here, the price encounters a bullish rejection block during a downward correction, creating an optimal entry point for a Buy trade.

Rejection Block Indicator in a Bearish Trend

The USD/CHF 4-hour chart shows the indicator's functionality in an uptrend. This chart raises the price of encountering a bearish rejection block, providing a sell opportunity for traders.

Indicator Settings

• Display setting: Screen display settings;
• Color theme of chart and object: Chart background color;
• Standard setting: Standard settings;
• Back candles check: Review previous candles;
• The prefix of objects: Object prefix;
• Vertical line show permission: Vertical separator line on the chart;
• Show Level 1 trends: Display Level 1 trends;
• Show BOS & ChoCh level 2: Show BOS and ChoCH Level 2;
• Show BOS & ChoCh level 2 label: Display BOS and ChoCH Level 2 label;
• Show RBs: Display Rejection Blocks;
• RBs used color: Color used for Rejection Blocks;
• Invalid Rbs with close beyond the zone: Invalid Rejection Blocks with zone closure;
• Invalid new zones with intersection: Invalid new zones with intersections.

Conclusion

The Rejection Block Indicator is a powerful tool for identifying key market reversal points. It helps traders easily identify price reversal areas that act as support and resistance, aiding them in making informed trading decisions.

This indicator is particularly well-suited for ICT trading styles. By using this tool, traders can accurately pinpoint entry and exit points, thus reducing trading risks.