Technical Indicators for MetaTrader 5
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MetaTrader 5
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Overview
Fair Value Gap Indicator for MetaTrader 5.
A Fair Value Gap is a three-candle price action pattern taught by the famous smart money trader the inner circle trader aka ICT. Basically, it's a gap left open on the chart when the price moves too fast. It is an area of the middle candle's body that doesn't get ticks overlapped by the left candle and the right candle next to it. When the price leaves a gap on the chart, we could keep two things in mind. One, the price has a really strong momentum to go in that direction, and two, the price would usually retrace to fill the gap before it goes in that direction.
Fair Value Gaps are most commonly used amongst price action traders and are defined as instances in which there are inefficiencies, or imbalances, in the price delivery. This inefficiency can become a magnet for price in the future to rebalance this price imbalance as there are many resting orders that didn't get filled before. A trader can use this information to target a fair value gap, or to look for a potential entry for a long/short making it a good POI.
Features
- Mark all the Fair Value Gap / FVG / Price Imbalance on the chart clearly, all colors are customizable.
- Display the areas that have already been rebalanced.
- Alert when price gets into a fair value gap for a potential entry.
Inputs
| Variable | Value |
|---|---|
| number of bars to look back(0 = all bars) | any number |
| color of bullish FVGs | any color |
| color of bearish FVGs | any color |
| show rebalanced area of FVGs | true/false |
| color of rebalanced area | any color |
| show alerts when price enters a FVG | true/false |
| push notification to mobile or email | true/false |
| entry type of the alert | buy only/sell only/both buy and sell |
MT4 version
