Charting Tools

Orderblocks

Ordeblocks effectively show significant levels of Price Action in a specific area on the chart. It can show S & R (Support and Resistance) Levels, Volume blocks, or Both at the same time.

Orderblocks Modes

Off - Default Position turns off Orderblocks

S & R - This shows the relevant higher timeframe Support and Resistance Levels on the chart from Daily, 3 Day, Weekly, 2 Week, Monthly, Quarterly, and Yearly Levels. This is something that we highly recommend as it shows key High timeframe Support and Resistance Levels. Each level is labeled by timeframe and colored Red if currently a Resistance Level and colored Green if currently a Support Level.

Volume Blocks - This shows the relevant higher timeframe Support and Resistance Levels on the chart from Daily, 3 Day, Weekly, 2 Week, Monthly, Quarterly, and Yearly Levels. This is something that we highly recommend as it shows key High timeframe Support and Resistance Levels. Each level is labeled by timeframe and colored Red if currently a Resistance Level and colored Green if currently a Support Level.

Supply Zones - levels where is a higher probability that price will retrace back to that zone and then continue in a downward direction. Both - Turns on both the S & R Levels at the same time.

Orderblocks are highly effective at showing reaction points for Price Action. S & R levels are highly confluent points where price reacts with probability at those levels by a bounce off the levels or “Failing” and “Gaining” which means it passes the level and backtests it before continuing. The Volume Blocks are also useful for entry points as the price comes back into these “Demand Zones” and are effective points for entering as long as the levels are not broken.

Orderblock Sensitivity

Orderblocks Sensitivity changes how often the Volume Blocks and S & R levels are plotted onto the chart. The Orderblock Sensitivity can be adjusted from 1 to 10 at .5 increments. The higher the Sensitivity, the more often these levels are plotted. The lower the Sensitivity, the less often these levels are plotted. 

This is most effective on the Volume Blocks. On higher timeframes increasing the sensitivity will show more relevant Volume Blocks, while on lower timeframes decreasing the sensitivity will reduce the amount of less relevant Volume Blocks. 

Orderblock Colors

Changes The Green or “Bullish” Color on the Auto Charting Tools and specifically the Orderblocks.

Changes the Red or “Bearish” Color on the Auto Charting Tools and specifically the Order Blocks

Changes the Grey or “Neutral” Color on the Auto Charting Tools and specifically the Orderblocks

Swing Points

Swing Points are specifically marked as important tops and bottoms in Price Action. Swing Points are significant reversals in the Price Action however it is a lagging indicator. Swing Points are important relevant levels as price often returns to these levels to test, gain, or fail them respectively.

Swing Point Modes

Off - Turns the Swing Points off

Wicks - This is Default on and plots Swing Points at the end of the wicks on individual swing points

Bodies - This plots Swing Points at the end of body candles

Swing Points- levels where is a higher probability that price will retrace back to that zone and then continue in a downward direction. Both - Turns on both the S & R Levels at the same time.

Swing Points are generally very important in Price Action. One of the most common things we look for is the “Swing Failure Pattern”. The Swing Failure Pattern is when Price creates a new high Swing Point or a new low Swing point and the subsequent swing “Fails” to make a new high higher than the previous Swing Point or “Fails to make a new low lower than the previous Swing Point.

Swing Points are also relevant as when price continues above or below the previous Swing Point it often retraces to these Swing Points to “Test” them.

Swing Color

Swing Color allows the user to change the color of the Swing Points as they are plotted on the chart

Sensitivity

Swing Sensitivity changes how often the Swing Points are plotted onto the chart. Swing Sensitivity can be adjusted from 1 to 10 at .5 increments. The higher the Sensitivity, the more often these levels are plotted. The lower the Sensitivity, the less often these levels are plotted.

On higher timeframes increasing the sensitivity will show more relevant Swing Points, while on lower timeframes decreasing the sensitivity will reduce the amount of less relevant Swing Points.

Candle Identifier

The candle identifier is an indicator that specifically scans, identifies, and indicates 14 different candle types and shows them on the chart. This tool is very effective for candle pattern trading strategies that target specific types of candle patterns to enter trades. A user can select which specific candle pattern type they wish to find on any Tradingview Chart.

Candle Identifier Types:

None  

Abandoned Baby

Doji

Engulfing

Evening Star

Hammer

Hanging Man

Harami

Kicking

Long Shadow

Marubozu

Star

Spinning Top

Three

Tri-Star

The Candle Identifier will always be the most effective on higher timeframes. This is because the larger general candle pattern moves have a much higher rate of precision than low timeframes. This tool is also most effective in high liquidity markets such as stocks, forex, commodities, and high cap cryptocurrencies such as BTC and ETH. This is because low liquidity can disrupt normal Price Action where Market Makers can more heavily influence that specific trading pair.