The ZigZag OrderBlock Retracement indicator is designed to provide traders with a comprehensive analysis of market movements. It highlights key areas such as order blocks, retracement lines, and various trend analysis tools, offering a dynamic approach to identifying potential trading opportunities.

This indicator uses multiple ZigZag settings and color-coded segments to identify bullish, bearish, and range-bound trends. It also includes features for order block detection, retracement lines, pivot points, cloud channels, and harmonic patterns. All these elements come together to give traders a clearer view of the market, enabling more informed decision-making.

The flexibility of the settings allows customization according to different market instruments and timeframes. Additionally, the alert system is integrated using the “Any Alert() Function Call” option, notifying traders of significant market movements based on the chosen parameters.

ZigZag OrderBlock Retracement in action on a selected financial instrument.

    Complete list of features included in this indicator:

• Display Order Block Price Labels: Enable or disable the display of price labels for detected order blocks on the chart.
• Wait for Bar Close Confirmation: Confirm order blocks only after the bar has closed to reduce false signals.
• Display ZigZag 1 – 4: Show or hide the four ZigZag indicators, each tailored for different price swings.
• ZigZag Length 1 – 4: Defines the length parameters for each ZigZag indicator, determining their sensitivity to price changes.
• Display Retracement Lines: Show or hide retracement lines, highlighting key price levels.
• Display Cloud Channels: Show or hide cloud channels based on ZigZag points.
• Display Harmonic Patterns: Enable or disable the display of harmonic patterns on the chart.
• Display Trend Lines: Enable or disable the display of trend lines based on ZigZag patterns.
• Display Pivot Points: Enable or disable the display of pivot points on the chart.
• Display Pivot Levels: Show or hide the price levels of pivot points.
• Minimum Price Move Percentage: Sets the minimum price move percentage required for significant ZigZag points.
• Harmonic Pattern Error Margin (%): Allowed margin of error for harmonic pattern calculations.

All options come with default settings that can be customized based on the specific market instrument you are analyzing. You can also configure alerts to be notified whenever a new signal is generated by the indicator. The alerts use the “Any Alert() Function Call” option. Simply activate or deactivate the options you want to include in your alerts before setting them up.