Fair Value Gap Scanner for MT5
Info
The Fair Value Gap Scanner for MT5 is a Indicator for MetaTrader 5 that fair value gap scanner provides a clear visualization of three-candle price imbalances. Bullish and bearish gaps are identified from completed candles and presented as chart zones.
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 Scanner for MT5
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 Scanner provides a clear visualization of three-candle price imbalances.
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 Scanner provides a clear visualization of three-candle price imbalances. Bullish and bearish gaps are identified from completed candles and presented as chart zones. Each zone can either persist after mitigation or be automatically removed based on user-defined settings.Also recommended: Fair Value Gaps: Identifying and Tracking Imbalances with Alerts - similar indicator with strong performance on MetaTrader 5.
Traders can specify whether mitigation is defined as the initial touch of the zone or a complete fill. A minimum gap size filter is incorporated to allow for the exclusion of very small imbalances, particularly in symbols with higher market noise.
The scanner processes new candles rather than reconstructing objects on every tick. This approach ensures controlled chart activity while maintaining a clear historical perspective.
Main Inputs
1. Maximum Bars: Determines the historical scan depth.
2. Minimum Gap Points: Filters out small gaps.
3. Show Bullish Gaps and Show Bearish Gaps: Allow independent control over displaying gaps in each direction.
4. Hide Mitigated: Removes zones that have been filled from the chart.
5. Use Full Fill: Selects complete mitigation as the criterion instead of the first touch.
6. Extension Bars: Controls the visual length of each zone.
7. Enable Alerts: Reports a new fair value gap upon candle confirmation.
This indicator serves as a visual analysis tool and does not execute trades.
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_plots 0
#property indicator_buffers 0
input group "Gap Detection"
input int InpMaximumBars = 400;
input double InpMinimumGapPoints = 20.0;.......
⚠ 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.