Rejection Block + Void Indicator for MT5 Download - Free - [TradingFinder]

The Rejection Block Indicator is an effective tool for identifying market reversal zones in MetaTrader 5. This indicator automatically draws the rejection block areas, considering the candle shadows on the chart, where the upper shadow near a price peak and the lower shadow near a price low are marked as reversal points.

Additionally, the Void (consumed portion) of rejection blocks is displayed in gray, and once this amount is fully consumed, it indicates that the level is no longer valid.

Indicator Specifications Table

Rejection Block Indicator in an Uptrend

The price chart of Bitcoin (BTC) in the 1-hour timeframe shows the indicator at work. After identifying the low and the candle shadow, the indicator plots the rejection block area. Subsequently, the price returns to this level during a corrective downtrend, creating a suitable entry point for a Buy position.

Rejection Block Indicator in a Downtrend

The EUR/USD 30-minute price chart illustrates the indicator's functionality in a downtrend. As depicted, after forming a bearish rejection block, the price corrects and then rises, reaching the rejection block. This setup provides a suitable entry 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 1: Show character change and BOS;
• Show Level 2 trends: Display Level 2 trends;
• Show BOS & ChoCH level 2: Show character change and BOS;
• Show BOS & ChoCH level 2 label: Display BOS and ChoCH Level 2 labels;
• Show RBs: Display Rejection Blocks;
• RBs used color: Color used in RBs;
• Invalid RBs with close beyond the zone: Invalid RBs with zone closure;
• Invalid new zones with intersection: Invalid intersecting new zones.

Conclusion

The Rejection Block Indicator is a tool for identifying price reversal zones in the market. This indicator identifies key market reversal points by analyzing candle shadows at price peaks and lows. Once identified, rejection block areas are automatically drawn on the chart, enabling liquidity-based and ICT-style traders to incorporate this tool into their strategies.