The Order Block indicator for Metatrader 5 is an extremely popular trading tool among Forex traders that delivers buy and sell signals using order blocks.
The indicator appears in a separate chart window as a series of blue and red colored blocks.
- A blue colored order block generates a bullish signal.
- A red colored order block generates a bearish signal.
- Works for any trade style and time frame.
- Do not repaint the order blocks.
The indicator contains the following inputs and parameters: number of reversal lines, minimum box size, up box color, down box color.
Familiarize yourself with this technical buy/sell tool and test the Order Block indicator first on a demo account before applying it to a live account.
This way, you can gain confidence in its capabilities and understand its effectiveness in different market conditions.
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The picture below shows how the Order Block Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs Utilizing The Order Block Indicator?
Find a simple trading strategy below:
- A buy signal is given when the blue colored order block gets displayed on the chart.
- Initiate a buy transaction and set a stop order below technical support.
- Exit the buy trade for a fixed pip profit target, for example +20 pips target on the 5-minute chart.
- Optional: consider waiting for a red colored order block indicating a bearish trend reversal before closing the buy trade.
- A sell signal is given when the red colored order block gets displayed on the chart.
- Initiate a sell transaction and set a stop order above technical resistance.
- Exit the sell trade for a fixed pip profit target, for example +12 pips target on the 1-minute chart.
- Optional: consider waiting for a blue colored order block indicating a bullish trend reversal before closing the sell trade.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the linebreakonchart.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration