PINE LIBRARY

Order Block Overlapping Drawing [TradingFinder]

🔵Introduction

Technical analysis is a fundamental tool in financial markets, helping traders identify key areas on price charts to make informed trading decisions. The ICT (Inner Circle Trader) style, developed by Michael Huddleston, is one of the most advanced methods in this field.

It enables traders to precisely identify and exploit critical zones such as Order Blocks, Breaker Blocks, Fair Value Gaps (FVGs), and Inversion Fair Value Gaps (IFVGs).

To streamline and simplify the use of these key areas, a library has been developed in Pine Script, the scripting language for the TradingView platform. This library allows you to automatically detect overlapping zones between Order Blocks and other similar areas, and visually display them on your chart.

This tool is particularly useful for creating indicators like Balanced Price Range (BPR) and ICT Unicorn Model.


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🔵How to Use

This section explains how to use the Pine Script library. This library assists you in easily identifying and analyzing overlapping areas between Order Blocks and other zones, such as Breaker Blocks and Fair Value Gaps.

To add "Order Block Overlapping Drawing", you must first add the following code to your script.

import TFlab/OrderBlockOverlappingDrawing/1


🟣Inputs

The library includes the "OBOverlappingDrawing" function, which you can use to detect and display overlapping zones. This function identifies and draws overlapping zones based on the Order Block type, trigger conditions, previous and current prices, and other relevant parameters.

🟣Parameters

OBOverlappingDrawing(OBType , TriggerConditionOrigin, distalPrice_Pre, proximalPrice_Pre , distalPrice_Curr, proximalPrice_Curr, Index_Curr , OBValidGlobal, OBValidDis, MitigationLvL, ShowAll, Show, ColorZone) =>

OBType  (string)
TriggerConditionOrigin (bool)
distalPrice_Pre (float)
proximalPrice_Pre (float)
distalPrice_Curr (float)
proximalPrice_Curr (float)
Index_Curr (int)
OBValidGlobal (bool)
OBValidDis (int)
MitigationLvL (string)
ShowAll (bool)
Show (bool)
ColorZone (color)


In this example, various parameters are defined to detect overlapping zones and draw them on the chart. Based on these settings, the overlapping areas will be automatically drawn on the chart.

OBType: All order blocks are summarized into two types: "Supply" and "Demand." You should input your Current order block type in this parameter. Enter "Demand" for drawing demand zones and "Supply" for drawing supply zones.
TriggerConditionOrigin: Input the condition under which you want the Current order block to be drawn in this parameter.
distalPrice_Pre: Generally, if each zone is formed by two lines, the farthest line from the price is termed Pervious "Distal." This input receives the price of the "Distal" line.
proximalPrice_Pre: Generally, if each zone is formed by two lines, the nearest line to the price is termed Previous "Proximal" line.
distalPrice_Curr: Generally, if each zone is formed by two lines, the farthest line from the price is termed Current "Distal." This input receives the price of the "Distal" line.
proximalPrice_Curr: Generally, if each zone is formed by two lines, the nearest line to the price is termed Current "Proximal" line.
Index_Curr: This input receives the value of the "bar_index" at the beginning of the order block. You should store the "bar_index" value at the occurrence of the condition for the Current order block to be drawn and input it here.
OBValidGlobal: This parameter is a boolean in which you can enter the condition that you want to execute to stop drawing the block order. If you do not have a special condition, you should set it to True.
OBValidDis: Order blocks continue to be drawn until a new order block is drawn or the order block is "Mitigate." You can specify how many candles after their initiation order blocks should continue. If you want no limitation, enter the number 4998.
MitigationLvL: This parameter is a string. Its inputs are one of "Proximal", "Distal" or "50 % OB" modes, which you can enter according to your needs. The "50 % OB" line is the middle line between distal and proximal.
ShowAll: This is a boolean parameter, if it is "true" the entire order of blocks will be displayed, and if it is "false" only the last block order will be displayed.
Show: You may need to manage whether to display or hide order blocks. When this input is "On", order blocks are displayed, and when it's "Off", order blocks are not displayed.
ColorZone: You can input your preferred color for drawing order blocks.


🟣Output

Mitigation Alerts: This library allows you to leverage Mitigation Alerts to detect specific conditions that could lead to trend reversals. These alerts help you react promptly in your trades, ensuring better management of market shifts.


🔵Conclusion

The Pine Script library provided is a powerful tool for technical analysis, especially in the ICT style. It enables you to detect overlapping zones between Order Blocks and other significant areas like Breaker Blocks and Fair Value Gaps, improving your trading strategies. By utilizing this tool, you can perform more precise analysis and manage risks effectively in your trades.

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파인 라이브러리

진정한 TradingView 정신에 따라, 저자는 이 파인 코드를 다른 파인 프로그래머들이 재사용할 수 있도록 오픈 소스 라이브러리로 공개했습니다. 저자에게 박수를 보냅니다! 이 라이브러리는 개인적으로 사용하거나 다른 오픈 소스 출판물에서 사용할 수 있지만, 이 코드를 출판물에서 재사용하는 것은 하우스 룰에 의해 관리됩니다.


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