In the intricate world of Forex trading, one tool that has emerged as a valuable asset for traders is the Order Blocks Finder. This instrument offers a way to optimize Forex trading by providing vital insights into the market’s behavior. The tool utilizes a series of distinct color-coded boxes, each representing a different type of order block in the market.
Understanding the Chart Objects
The Order Blocks Finder uses a unique system of color-coded boxes on the chart. Each color represents a different type of order block. The blue box indicates a bullish order block, suggesting a market expected to rise. Conversely, the red box signals a bearish order block, indicating a market predicted to fall.
Also, there are two types of gray boxes. A light gray box signifies an area where the price bounced but didn’t make a new high or low. A dark gray box denotes a broken order block. Orange boxes represent mitigated order blocks, where the price bounced from this area and made a new high or low.
For further differentiation, filled boxes depict TimeFrame 1 order blocks while unfilled boxes represent TimeFrame 2 order blocks. This system allows traders to understand the market dynamics at a glance, making it a crucial part of a successful Forex strategy.
Key Indicator Settings of Order Blocks Finder
The Order Blocks Finder’s efficiency relies heavily on its key indicator settings. The tool requires a certain number of subsequent candles in the same direction to identify an order block, with the default value set to 5. This can be adjusted based on the trader’s preference.
Another essential setting is the imbalance requirement for order block (OB) criteria. This feature allows the tool to consider the imbalance in the market while identifying an order block. Additionally, the size of doji candles can be adjusted to be disregarded in counting of subsequent candles. The default value is set at 0.01% price, but this can be set to zero to exclude dojis entirely.
Embracing Future Updates
The creators of the Order Blocks Finder are continually working on updates to enhance its utility for Forex traders. Recent updates include the introduction of multi-timeframe functionality. This feature allows traders to track multiple symbols and timeframes simultaneously, thus providing a more comprehensive view of the market.
Furthermore, the developers are open to suggestions for new features to include in the tool. This approach ensures that the Order Blocks Finder remains a versatile and user-centric tool in the ever-evolving Forex market.
Independent Testing & User Experience
For those interested in the Order Blocks Finder’s performance, independent testing of this product is available on the forexroboteasy.com website. Subscribing to updates on the site will also provide the latest results of the testing.
Existing users of this tool are encouraged to share their experiences. This can potentially offer valuable insights to new traders and contribute to the ongoing improvement of the Order Blocks Finder.
Frequently Asked Questions
What is the Order Blocks Finder?
The Order Blocks Finder is a Forex trading tool designed to optimize a trader’s strategy by providing insights into the market’s behavior using color-coded boxes.
What do the different colors of the boxes signify?
Each color represents a different type of order block. Blue indicates a bullish order block, red for bearish, orange for mitigated, light gray for price bounce without a new high/low, and dark gray for broken order blocks.
How can I adjust the settings of the Order Blocks Finder?
The tool allows adjustments in the required number of subsequent candles in the same direction to identify an order block, the imbalance requirement for order block criteria, and the size of doji candles to be disregarded in the counting of subsequent candles.
This review of the Order Blocks Finder aims to provide an unbiased look at a useful tool in the realm of Forex trading. By understanding the chart objects and key indicator settings, traders can optimize their strategies and navigate the market more efficiently.
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