Fair Value Gap Detector Indicator
Info
The Fair Value Gap Detector Indicator is a Indicator for MetaTrader 5 that fair value gap detectorthe concept behind a fair value gap (fvg) is that a strong, impulsive price movement can leave a price range untouched by the candles immediately preceding and following it. This creates a 3-candle imbalance.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Fair Value Gap Detector Indicator
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
Fair Value Gap DetectorThe concept behind a Fair Value Gap (FVG) is that a strong, impulsive price movement can leave a price range untouched by the candles immediately preceding and following it.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Non-Repainting Fair Value Gap Detector for MT5 - another powerful indicator for MetaTrader 5 traders.
Fair Value Gap DetectorThe concept behind a Fair Value Gap (FVG) is that a strong, impulsive price movement can leave a price range untouched by the candles immediately preceding and following it. This creates a 3-candle imbalance.
Also recommended: Fair Value Gaps: Identifying and Tracking Imbalances with Alerts - similar indicator with strong performance on MetaTrader 5.
Specifically, if the low of the third candle is above the high of the first candle, it indicates that no trading occurred within that specific price gap. Price often revisits these gaps later to fill the imbalance before continuing its trend.
This indicator scans every closed bar to identify this exact 3-candle relationship in both upward and downward directions. When an FVG is detected, it draws the gap zone as a rectangle extending from the impulsive candle forward.
Each gap is tracked individually. While unmitigated, its bounding box expands forward in real time to the current bar. Once a subsequent candle's price range enters the zone, the box freezes at the point of mitigation and, by default, turns gray. This visual cue allows users to quickly distinguish between
You may also like: Inversion Fair Value Gaps Indicator with Bounce Signals - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "RobotFX"
#property link "https://robotfx.org"
#property version "1.00"
#property description "This code is educational. Feel free to use, modify and upgrade as you wish. Visit ROBOTFX.ORG for professional trading tools"
#property indicator_chart_window
#property indicator_buffers 0
#property indicator_plots 0
#property strict
input group "=== Detection Settings ==="
input int InpMinGapSizePoints = 50;.......
⚠ 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.