Order blocks are pivotal zones of interest in the financial trading industry. They are zones where significant trading activities have occurred, often leading to potential trend reversal or continuation.
The ADR (Average Daily Range) Order Block Finder MT4 Indicator is a technical trading tool that detects bullish and bearish order blocks in the financial markets. Besides, it is also integrated with the ADR indicator to identify the potential average distance the price may cover before a trend reversal.
Therefore, the indicator is a powerful trading tool that assists traders in finding potential trend reversal zones (order block) for buying and selling opportunities and the optimal zone to exit the market (ADR). In essence, traders can look for buying or selling opportunities at the order block and take a profit at the ADR level.
The indicator comes with the following customizable settings:
Period_b: Determines the period of the indicator.
Buy: Determines the color for the bullish order block.
Sell: Determines the color for the bearish order block.
Arrow_with: Determines the arrow width.
Time Zone of Data: Determines the time zone for market analysis.
Time Zone of Session: Determines the time zone of the trading session.
ATR Period: Period of the Average True Range (ATR).
Use Manual ADR: Enables/Disables manual identification of the ADR.
Line Style: Determine the type of line displayed (e.g., dotted, etc.).
Line Thickness: This shows the line of the ADR low.
Line Color1: Determines the line color of the ADR low.
Line Thickness2: This shows the line of the ADR high.
Line Color2: Determines the line color of the ADR high.
Bar for Labels: Determines the number of bars to display the market data.
Debug Logger: This shows log activities to identify errors in the indicator.
First_av: The default value is 5.
Second_av: The default value is 10.
Third_av: The default value is 20.
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