Gap Analysis Script for MT4/MT5
Info
The Gap Analysis Script for MT4/MT5 is a Expert Advisor for MetaTrader 4 that this script is designed to collect statistical information on quote gaps that occur in the market between monday and friday, commonly known as gaps. Some trading strategies utilize methods for trading gaps, employing either market orders at the market open on Monday or pending orders placed on Friday before the session close.
Usage
This tool is typically used for automated trading on major forex pairs and gold.
Platform
This Expert Advisor works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Experts folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Gap Analysis Script for MT4/MT5
1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.
2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.
3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.
4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.
Frequently Asked Questions
Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.
Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.
Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.
What this tool does
This script is designed to collect statistical information on quote gaps that occur in the market between Monday and Friday, commonly known as gaps.
Typical Use Case
This Expert Advisor excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Expert Advisor works on MetaTrader 4. Place the file in the MQL4/Experts folder and restart the terminal.
Description & Settings
Related: Source Code Analysis - another powerful expert for MetaTrader 4 traders.
This script is designed to collect statistical information on quote gaps that occur in the market between Monday and Friday, commonly known as gaps.Also recommended: crypto analysis - similar expert with strong performance on MetaTrader 4.
Some trading strategies utilize methods for trading gaps, employing either market orders at the market open on Monday or pending orders placed on Friday before the session close. The script processes all available downloaded history for the current instrument and displays the following data on the chart:
Total number of historical bars processed
Number of Monday-to-Friday gaps
Maximum, minimum, and average gap sizes
Number of bearish and bullish gaps
Number of gaps falling within 20%, 40%, 60%, 80%, and 100% of the maximum gap size.
Additionally, the script creates a gaps.csv file, recording all gaps with their date and size. This file can be opened in Excel and easily processed using various statistical methods. The file is located by default in the \your metatrader4 terminal\experts\files\ folder.
The script supports any timeframe from M1 to D1.
Image:
You may also like: scalp rs i - excellent alternative for expert users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#include <stdlib.mqh>
#include <winuser32.mqh>
int start()
{
int handle=fileopen("gaps.csv", file_csv|file_write, ';');
int max, // ,
min=10000, // ,
avr, // , .......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.