Gap Finder
Info
The Gap Finder is a Indicator for MetaTrader 4 that this indicator plots arrows to indicate gaps in the market. Up arrows for bullish gaps and down arrows for bearish gaps.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Indicators folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Gap Finder
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
This indicator plots arrows to indicate gaps in the market.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Indicator works on MetaTrader 4. Place the file in the MQL4/Indicators folder and restart the terminal.
Description & Settings
Related: fibonacci confluence zone finder - multi-swing clusters - another powerful indicator for MetaTrader 4 traders.
This indicator plots arrows to indicate gaps in the market. Up arrows for bullish gaps and down arrows for bearish gaps. It can also plot a cross for a closed gap or hide it.Also recommended: Guppy Multiple Moving Averages (Long and Short) - similar indicator with strong performance on MetaTrader 4.
Traders can set a minimum gap size in points, and gaps smaller than this will be ignored. The indicator also allows for checking closed gaps, with an option to hide or show them.
Input Parameters:
- Min Gap Size in Points: Set the minimum number of points for valid gaps.
- Check for Closed Gaps: Enable or disable the history check for closed gaps.
- Max History Bars for Closed Gaps: Specify the maximum number of history bars to check for closed gaps.
- Hide Closed Gaps: Option to hide or show closed gaps.
- Show Alerts: Display alert messages for new and closed gaps.
Example Usage:
- New open gaps can be used as an entry filter in the direction of the gap.
- Old open gaps can be targets for trades in the opposite direction.
You may also like: Kalman Candles - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property version "1.00"
#property strict
#property indicator_chart_window
#property indicator_buffers 4
#property indicator_plots 4
#property indicator_label1 "gap up"
#property indicator_type1 draw_arrow.......
⚠ 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.