Supply and Demand - Order Block Strategy BY ALGERNON STONE

어제

Breakout Logic:

topBreakCheckSource and bottomBreakCheckSource are used to define the break-out check based on user input.

If the price crosses over the topValue (the high of the last fractal) and topBreakBlock is not set, then a long entry is generated after creating a demandBox, based on the last red candle's low and high.

If the price crosses under the bottomValue and bottomBreakBlock is not set, then a short entry is generated after creating a supplyBox, based on the last green candle's low and high.

If a long or short is active, and a breakout of the price happens, the script will draw a new line object to indicate the breakout, where x2 of the line is set to the current bar index

Fractal Detection:

If a new up fractal is detected, the topValue and topLine variables are updated, and the old line object is deleted

If a new down fractal is detected, the bottomValue and bottomLine variables are updated, and the old line object is deleted

Box Color Update:

The script loops through all the active boxes and changes their color if the current candle close price is outside the range of the box.

Plots: Plots the up and down fractals for visualization.

Checklist Table: A table displays the status of different conditions of the script on the bottom right.

Shows status of Up Fractal, Down Fractal, Top Break, Bottom Break, Last Red Candle, Last Green Candle, Box Color Change Active using check and cross mark symbols.

How the Strategy Works:

Fractal Identification: The strategy continuously looks for fractal highs and lows.

Order Block Identification: When a new fractal is formed, the script stores the high and low of the last opposing candle.

Breakout Confirmation: When price breaks the range of a fractal, it indicates an order block breakout.

Trade Execution: When there is a valid breakout, it triggers a long or short trade, depending on whether a demand or supply zone is broken.

Box Visualization: The script visually represents the order blocks using boxes that are colored green for demand zones and red for supply zones. These boxes can be optionally re-colored if the price breaks beyond them.

Checklist Display: A checklist table at the bottom right of the chart helps the user to quickly understand the script status.