Gap Finder
This tool for MetaTrader 5 is specifically engineered to streamline your trading operations. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup 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.
Description & Settings
The indicator finds and displays gaps between High and Low prices of two neighboring bars.
The gap is marked with arrows: an up arrow is used for an upward gap and a down arrow is used for a downward gap. The indicator draws on a chart gap areas as rectangle objects painted in appropriate colors (the display can be disabled in parameters). It also displays two lines: the upper and lower levels of the gap area, which can be accessed from an Expert Advisor.
If a gap is found on the current bar, such a gap is immediately displayed. However, if the price "closes" the gap area, arrows and lines will be deleted. Colored rectangles of the closed gap area remain on the chart, allowing users to visually control the gaps, which were closed by the price.
The indicator has four input parameters:
Minimum gap size (in points)
- the minimum gap between the High and Low prices of two neighboring bars (in points);
Whether to draw a gap area
- whether to show colored gap areas on the chart (Yes/No);
Color of the gap area up
- the color for the upward gap area;
Color of the gap area down
- the color for the downward gap area.
Fig.1 Gap down
Fig.2 Gaps down and up
