Higher order Orderblocks + Breakerblocks + Range + Alerts

The Higher order Orderblocks + Breakerblocks + Range + Alerts indicator identifies significant market structure levels, including order blocks, breaker blocks, and price ranges, using higher-order pivot logic. This tool provides traders with a cleaner view of supply and demand zones by filtering out market structure shifts and false breakouts, making it effective for both high and low timeframe analysis.

Usage

The Usage section focuses on how the script identifies key levels and how the settings influence the visual output.

• Order Blocks and Breaker Blocks: The script identifies these zones based on second-order pivots. Untested boxes are initially colored gray. Once a zone is tested by price action, the color changes: Red for Supply (Demand-turned-Supply), Green for Demand, and Blue for Breaker Blocks. To maintain chart clarity and performance, broken boxes are automatically removed.
• Market Structure Breaks (MSB): The tool plots MSB lines when market structure changes, helping users identify potential trend shifts.
• Range Analysis: When the range option is enabled, the script plots a horizontal range based on price action. It includes optional lines for the 0.5 (Mean) level, as well as 0.25 and 0.75 quartiles.
• Alerts: Users can configure alerts for multiple conditions:
  • MSB: Triggers when market structure changes direction.
  • Block Tests: Triggers when an Order Block or Breaker Block is tested and holds.
  • Range Events: Triggers upon the detection of a new range or when the range boundaries are tested.

Details

The script utilizes a specific pivot logic derived from "Higher Order Pivots" (referencing @rumpypumpydumpy) and "Order Blocks" (referencing @MarkMiddleton2020). By using second-order pivots for both MSB lines and supply/demand boxes, the indicator significantly reduces the number of low-probability levels.

For range calculations, users can choose between a standard linear scale or a logarithmic scale. The log scale option is particularly useful for traders who analyze assets over large price movements to ensure the range mean (Equilibrium) is calculated accurately relative to percentage moves.

Settings

Visibility Toggle

• Plot 2nd order pivots: Toggles the display of higher-order pivot labels on the chart.
• Plot MSB lines: Enables or disables the plotting of Market Structure Break lines.
• Plot Orderblocks: Displays supply and demand order blocks.
• Plot Breakerblocks: Displays breaker blocks (broken order blocks that flip polarity).
• Plot Range: Toggles the display of the main price range boundaries.
• Plot Range 0.5 Line: Displays the equilibrium (midpoint) of the current range.
• Plot Range 0.25 and 0.75 Lines: Displays the quartile levels within the range.
• Use Log Scale: Adjusts range calculations for logarithmic price scales.

Alerts

• Alert MSB: Enables notifications for market structure breaks.
• Alert Orderblock test: Notifies when a supply or demand zone is touched.
• Alert Breakerblock test: Notifies when a breaker block is touched.
• Alert New Range: Triggers when a new trading range is identified.
• Alert Range test: Notifies when the top or bottom of a range is tested.

Visuals

• Color Settings: Individual color pickers for Untested/Tested Supply, Untested/Tested Demand, and Untested/Tested Breaker Blocks.

FAQ

How do I interpret the different colors for the boxes? Gray boxes represent untested zones. Once price enters the zone and confirms it as valid, it turns Green (Demand), Red (Supply), or Blue (Breaker). If a zone is completely breached, it is removed from the chart.

Which timeframes are best for this indicator? The script is designed to be versatile and provides clean data on any timeframe, including scalping charts like 1m, 3m, or 5m, as well as higher timeframes like 4H or Daily.

How can I access the Higher order Orderblocks indicator? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.