Advanced Order Block Volume Indicator MT4 + MT5

Written by Dominic Walsh · Published 26 May 2026 · Last updated 9 Sep 2026

The advanced order block volume indicator marks bullish and bearish order blocks. It works the same way a plain ATR-impulse detector does. Then it adds a volume check on top before it prints a Buy or Sell arrow. It suits traders who want an order block tool that skips low-participation moves.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD M15.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Main price chart
Plots	4: Bull OB, Bear OB, Buy, Sell
Alerts	popup, push notification, email, sound
Inputs	11

What the Advanced Order Block Volume Indicator draws on the chart

Bull OB marks the candle before a qualifying up move with a teal marker, arrow code 119.

Bear OB marks the candle before a qualifying down move with a maroon marker, arrow code 119.

Buy prints a lime arrow, code 233. Sell prints a red arrow, code 234. Both sit offset from the candle by ArrowOffsetPoints.

• Bull OB: arrow, teal, width 2, arrow code 119
• Bear OB: arrow, maroon, width 2, arrow code 119
• Buy: arrow, lime, width 4, arrow code 233
• Sell: arrow, red, width 4, arrow code 234

How the Advanced Order Block Volume Indicator calculates its values

ATR impulse plus a volume gate

AtrPeriod feeds an average true range baseline. ImpulseMultiplier sets how many multiples of that baseline a move must clear to qualify as an impulse. This is the same shape as the site’s other order block tools.

This build adds VolumePeriod and VolumeMultiplier on top. The move also needs volume running above VolumeMultiplier times its VolumePeriod average. Only then does the code accept it as a real order block rather than a thin move.

Two-stage marking

The order block markers, Bull OB and Bear OB, sit on the candle before the qualifying move. The code prints the Buy and Sell arrows separately. They sit offset by ArrowOffsetPoints from the candle.

How to read the signals

A teal Bull OB or maroon Bear OB candle marks the block itself. Both the ATR move test and the volume check confirm it.

A lime Buy or red Sell arrow prints the trade signal, offset from the candle by the arrow-offset setting.

Alert channels in this build: popup, push notification, email and sound, one message per closed bar.

Alerts cover popup, push, email and sound, and fire once per closed bar.

Every Advanced Order Block Volume Indicator input

Core settings

Setting	What it does	Default
ImpulseMultiplier	How many times ATR a move must clear to count as an impulse; default `1.5`.	1.5
AtrPeriod	ATR lookback behind ImpulseMultiplier; default `14`.	14
VolumeMultiplier	How far above its own average that bar’s volume must run; default `1.3`.	1.3
VolumePeriod	Lookback for the volume average VolumeMultiplier measures against; default `20`.	20

Display settings

Setting	What it does	Default
ArrowOffsetPoints	(see inputs panel)	40

Alert settings

Setting	What it does	Default
EnableAlerts	(see inputs panel)	on
EnablePopup	(see inputs panel)	on
EnablePushNotify	(see inputs panel)	off
EnableEmail	(see inputs panel)	off
EnableSound	(see inputs panel)	off
SoundFile	(see inputs panel)	alert.wav

Settings that fit your chart

Volume works best where tick volume reads well. The screenshot below uses EURUSD M15. The build notes cite M15 through H1 as a good fit for the order block method.

When the Advanced Order Block Volume Indicator fails

MT4 tick volume counts price changes. It is not real traded size. VolumeMultiplier filters on activity, not on executed volume.

This build stacks two conditions: the ATR impulse test and the volume test. A genuine move can still get skipped if volume sits under its own average on that bar.

A low ImpulseMultiplier on a volatile pair lets through moves that are not that large. Pair it with a low VolumeMultiplier and those moves need not be busy either, relative to their own recent history.

Copy the compiled Advanced Order Block Volume Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.

Download the Advanced Order Block Volume Indicator for MT4 and MT5

The zip holds the compiled Advanced Order Block Volume Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.

FAQ

What does VolumeMultiplier add on top of the order block detection?

VolumeMultiplier requires the volume on the qualifying candle to run at least VolumeMultiplier times its own VolumePeriod average, on top of the ATR-based ImpulseMultiplier move test, before the code accepts it as an order block.

Why do Bull OB and Buy appear as separate markers?

Bull OB and Bear OB mark the order block candle itself, while the Buy and Sell arrows form a separate signal offset from price by ArrowOffsetPoints. They can appear together but represent different things on the chart.

Does this indicator use real traded volume?

No, this build reads tick volume, which is what MT4 and MT5 indicators see by default. Tick volume counts how many price changes occurred on a bar rather than the size of contracts traded.

What happens if I raise ImpulseMultiplier?

Fewer moves clear the ATR threshold when you raise ImpulseMultiplier, so Bull OB and Bear OB marks become rarer, and by extension so do the Buy and Sell arrows that depend on them.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Advanced Order Block Volume Indicator as one input. Always backtest before trading live.