The Price Action Volumetric Order Blocks indicator aims to provide a different approach to normal order blocks, providing volume inside metrics used to spot stronger and weaker order blocks, their own volume, and much more, adding a good extra chunk of confluence.
๐ถ SETTINGS
Amount of Volumetric Order Blocks to display
Display Volume Activity: Display predominant order block volume
Construction points (Full or Length): Determine the swing point order block creation
Mitigation Method (Close, Wick, Avg): Mitigation method of the order block to be considered invalid
Show Metrics: Display volume metrics
Show Mid-Line: Display Middle line
Hide Overlap: Hide overlapping order blocks preserving the most recent one
๐ถ USAGE
The image above is showing how a bearish order block can have more bullish volume or more bearish volume. Nothing really changes, in fact, the order block is still bearish in this case, the only thing that changes is the volume, this can be used as confluence to know which side was traded at that specific level Here are a few examples that users can use as a reference:
Bearish order block with more bullish volume: buyers exhausted at that level and can be considered as a stronger order block
Bullish order block with more bearish volume: sellers exhausted at that level and can be considered as a stronger order block
As we see in the image above, stronger order blocks will have a likelihood of holding better and giving stronger rejection, thanks to this, we can avoid weak order blocks adding up with confluence
As we can see, the stronger order block held more, providing a good rejection. Volume Metrics % is also adjusted every time an order block is either created or mitigated. This is used for confluence only; in fact, weaker order blocks can still hold well and sometimes work even better than the POC (stronger order block). Here are a few tips about the metrics inside the order blocks:
Volume % is showing you the strength of the displayed order blocks.
Volume % is updated in real-time when the price mitigates order blocks or creates new ones.
Volume Activity is used for pure confluence and doesn't make anything better.
Usually, order blocks with the opposite metrics work better.
The images above show different lengths in order blocks; short term will provide a faster reaction and more entry opportunity, while a longer length will provide a more delayed order block that will stay longer, providing more swing term entry. This doesn't affect how much an order block will react to price; the length feature will just retrieve more or less long-term order blocks for different approaches to trading, like swing or scalping, or simply to have a less noisy chart. Just adding length will not make the order blocks any more powerful.
Note: Increasing the length options will delay more the creation of the order blocks.
Users will have the option to remove overlapping order blocks for a cleaner chart. This can be a very useful option to have a clear chart and remove noisy order blocks that might be confusing or just overlap other metrics text.
Note: The most recent order block will be preserved. Any Alert is also included.
@StratifyTrade, is it possible to lower the volume values in the script to be sensitive to Forex pairs on the 1min timeframe? I trade binary options on the 1min and this seems like a great indicator for that.
RozaniGhani-RG
โ
fluxchart
โ
Is this indicator unique in any way compared to other Order Block indicators on TradingView?
EliCobra
โ
@fluxchart, Don't care + Ratio + L + Better Script + Greater Utility + No Bugs + Skill Gapped + Handsomer.
ukmpits
โ
@fluxchart, Sir, how do you think about adding FVG/imbalance to make sure that the OB /Strong SNR were valid?
Is these OB works on real time chart?
Thanks mate
heynexus
โ
Great Work! Can you make it gray color if Order Block mitigated & Make it Multitimeframe. Thanks