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Order Block Breaker

The Order Block Breaker Indicator is a powerful tool for forex traders, identifying areas of significant buying or selling pressure based on past price action. It works by analyzing order blocks on the price chart, making it easy for traders to see where these important levels are located.

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Description

Order Blocks are significant zones of support/resistance levels where a large volume of buy/sell trade orders has occurred. Thus, forex traders tend to anticipate the possibility of a price reversal when it gets to a valid order block.

However, when the price breaks out of a valid order block, it has a very high probability of continuing in that direction. The principle at play is that the order block, which previously acted as a support level, for instance, would become a resistance zone after the price breaks out of it.

Therefore, the Order Block Breaker indicator is a technical analytic tool for MT4 to help traders identify when the price breaks out from an order block zone. In essence, the indicator is used to identify a trading opportunity after the price breaks out of the order block.

Features of the Indicator

The Order Block Breaker indicator was built to identify order block formation in anticipation of a potential breakout of the price. Furthermore, it comes with an alert notification function, which notifies the user about the identified order block level.

In addition, it also permits users to customize the inbuilt parameters to the tune of the trading style. Finally, the indicator displays bullish and bearish order blocks with two distinct colors for easy identification.

Benefits of the Indicator

a) Automatically Identifies an Order Block: The indicator makes it pretty easy to identify trading opportunities in the financial market after an order block has been broken. In other words, it takes away the pain of manually trying to find the order block zone on the chart.

b) Suitable for trend breakout traders: The indicator is an incredible system for trend breakout traders because order blocks are strong support/resistance zones, which, when broken, may cause the price in that direction.

c) Less screen time: The Order Block breaker indicator can potentially reduce the screen time of a trader, especially when the alert notification system is enabled.

Indicator Settings Description

The indicator comes with the following customizable parameters:

Alerts on: This enables/disables the signal alert notification.

Alerts on current: This enables/disables signal alerts on the current candlestick.

Alerts message: This enables/disables signal alert messages.

Alerts sound: This enables/disables alerts sound.

Alerts notify: This enables/disables signal alert via mobile.

Alerts Email: This enables/disables signal alerts via email.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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