Imbalance Finder
Info
The Imbalance Finder is a Indicator for MetaTrader 5 that overview the imbalance finder is a chart indicator for metatrader 5 that automatically identifies fair value gaps (fvgs), also known as imbalances, and visually tracks their behavior on the chart. It detects both bullish and bearish imbalances and monitors in real-time whether price action has tapped into or completely filled these gaps.
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 Imbalance 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
Overview The Imbalance Finder is a chart indicator for MetaTrader 5 that automatically identifies Fair Value Gaps (FVGs), also known as imbalances, and visually tracks their behavior on the chart.
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: ICT Silver Bullet and Macro Imbalance Filter - another powerful indicator for MetaTrader 5 traders.
OverviewThe Imbalance Finder is a chart indicator for MetaTrader 5 that automatically identifies Fair Value Gaps (FVGs), also known as imbalances, and visually tracks their behavior on the chart. It detects both bullish and bearish imbalances and monitors in real-time whether price action has tapped into or completely filled these gaps.
Also recommended: Harmonic Pattern Finder - similar indicator with strong performance on MetaTrader 5.
Fair Value Gaps are three-candle patterns characterized by non-overlapping wicks of the first and third candles, creating a price gap at the middle candle. These gaps often serve as significant support and resistance zones in Smart Money Concepts (SMC) trading strategies.
How It Works
Detection Logic
The indicator analyzes each completed bar and compares the high and low prices of the surrounding candles to identify imbalances:
Bullish FVG
: The low of bar [i] is above the high of bar [i-2], creating a gap zone from high[i-2] (bottom) to low[i] (top), displayed at bar [i-1].
Bearish FVG
: The high of bar [i] is below the low of bar [i-2], forming a gap zone from high[i] (bottom) to low[i-2] (top) at bar [i-1].
Tapped vs. Filled
Once an imbalance is identified, the indicator continuously tracks subsequent price action to determine its interaction with the gap zone:
Tapped
: Price enters the imbalance zone but does not reach the opposite edge. For a bullish FVG, this means the price drops into the gap from above but does not touch the bottom edge. The tapped portion is highlighted in a distinct color.
Filled
: Price completely crosses through the imbalance zone, reaching the opposite edge. The entire rectangle changes color to indicate the gap is no longer active. This distinction is crucial as a tapped but unfilled FVG often continues to function as a support/resistance zone, while a fully filled FVG is considered inactive.
Input Parameters
Indicator Buffers
The indicator provides 7 buffers (no plots) that contain data accessible to Expert Advisors or other indicators for further analysis.
Reading the Chart
Active imbalances are represented as colored rectangles spanning three bars. When price action taps into a zone, a second rectangle in the tapped/filled color overlays the penetrated portion. If the price fills the entire zone, the original rectangle is replaced by a single rectangle in the filled color. To view only active (untouched) FVGs, set "Show Tapped / Filled Imbalances" to false.
Notes
The indicator recalculates all imbalances and their status on the initial load (historical data). On subsequent bars, it checks only the latest bar for new imbalances and monitors all open imbalances against the current tick. Object names are prefixed to avoid conflicts with other indicators or drawings. The indicator's chart objects are cleanly removed when deleted.
You may also like: Harmonic Pattern Finder - excellent alternative for indicator users on MetaTrader 5.
⚠ 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.