Is there some indiors that mark up Order Blocks on MT4? thanks guys
Is there some indiors that mark up Order Blocks on MT4? thanks guys
Hi orderflow may be a better term, looking to determine key price levels below and above for where stops may be.Originally Posted by ;
Should you...Originally Posted by ;
1. Pull up a daily or H4 line (maybe not candlestick or bar) chart,
2. Zoom out to as far back in time as your eyes can read it,
3. Then manually draw horizontal lines in which there are a lot of price action history (i.e. price tests from above and below the horizontal levels you are analyzing ),
... then those lines pretty much signify where orders may bunch.
Institutional orders tend to cluster around recognizable levels, irrespective of whether the traders consciously planned it or not.
I'm sure there is a robust indior out there that does all of the above, but I have not discovered it yet. (To be honest, I haven't really been looking for this kind of indior because I would rather eyeball the lines myself.)
In any case, very good luck in your search!
Oanda provides you a glimpse into their http://fxtrade.oanda.com/analysis/forex-order-book via Oanda labs, and they do have an http://developer.oanda.com/mt4-live/mt4-fxlabs/. Not sure if that just corresponds to exactly what you need, but could point you in the right direction.
Cheers,
k
Nice suggestion... as long as everybody understands...Originally Posted by ;
1. The risks of based on order publiion info that ONLY signifies Oanda clients (Oanda clearly states the data is A 24-hour overview of available orders and places held by OANDA's customers ).
2. That Oanda's order book is probably a very tiny proportion of the world's total order book information which consists of MOSTLY institutional orders and standing directions (and these bank trader orders won't ever be completely known or shown to outsiders).
3. That Oanda's clients may not satisfactorily reflect mirror the opinion of institutional traders (who represent the actual FX market), and therefore should not be relied upon consistently.
All agreed. The argument is though that it is the mass plogy that goes the market. Additionally, while the order book makes the most sense for eur/usd, representing a huge chunk of the trading volume, for the other pairs and particularly for the crosses it does get fuzzy.Originally Posted by ;
I am personally using their sentiment data (historical place ratios) with some success. It's remarkable to see the audience plogy revealed as they are responding to the price action - in many cases simply to get slaughtered from the more edued market participants.
Cheers,
k