Inversion Fair Value Gaps Indicator with Bounce Signals
Info
The Inversion Fair Value Gaps Indicator with Bounce Signals is a Indicator for MetaTrader 5 that inversion fair value gaps indicatorthis indicator detects fair value gaps (fvgs), flags them when a candle body closes through the gap (inversion), and then signals price bounces off these inverted zones. Key Features:- Bar-close logic: All calculations are based on the close price of bars, ensuring reliability.
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 Inversion Fair Value Gaps Indicator with Bounce Signals
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
Inversion Fair Value Gaps IndicatorThis indicator detects Fair Value Gaps (FVGs), flags them when a candle body closes through the gap (inversion), and then signals price bounces off these inverted zones.
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.
Inversion Fair Value Gaps IndicatorAlso recommended: Fair Value Gaps: Identifying and Tracking Imbalances with Alerts - similar indicator with strong performance on MetaTrader 5.
This indicator detects Fair Value Gaps (FVGs), flags them when a candle body closes through the gap (inversion), and then signals price bounces off these inverted zones.
Key Features:
- Bar-close logic: All calculations are based on the close price of bars, ensuring reliability.
- No repaint: The indicator does not change past signals or zone calculations.
- Mid line display: An optional mid-line can be shown for each zone.
- Zone fill removal: Option to remove filled zones after they have been breached.
- Adjustable colors: Customize the colors for bullish and bearish zones.
- Alerts: Comprehensive alert system including popup, sound, push notifications, and email.
- Signal Labels: Adjustable size for bounce signal labels.
Parameters:
- Show Last: Number of recent zones to display.
- Detect Bounce: Choose whether to detect bounces based on candle close or wick.
- History bars: The number of past bars to analyze.
- ATR Length: Length used for the Average True Range calculation.
- ATR Multiplier: Multiplier applied to ATR for filtering small gaps.
- Remove Filled iFVG: Option to remove zones once they are filled.
- Write parity CSV files: Enable logging of bar and event data to CSV files.
- Show Bull IFVG: Display bullish inverted FVG zones.
- Show Bear IFVG: Display bearish inverted FVG zones.
- Show MidLine: Display the mid-line of the FVG zones.
- Show Bounce Signals: Display arrows indicating bounce signals.
- Extend Active IFVG (bars): Extend the display of active FVG zones.
- Signal Label Size: Controls the size of the bounce signal labels.
- Bull Colour: Color for bullish FVG zones.
- Bear Colour: Color for bearish FVG zones.
- Mid line colour: Color for the FVG mid-line.
- Opacity: Transparency level for the FVG zones.
- Alert on bounce: Enable alerts for price bounces off inverted FVG zones.
- Alert on inversion: Enable alerts when a gap is inverted.
- Use Popup (Alert): Enable visual popup alerts.
- Sound: Enable sound alerts.
- Sound file: Specify the sound file for alerts.
- Push notification (MetaQuotes ID): Enable push notifications.
- E-mail: Enable email alerts.
- Telegram Token: Your Telegram bot token.
- Telegram Chat: Your Telegram chat ID.
- Log every event: Log all detected events to the Experts tab.
You may also like: Fair Value Gap Scanner for MT5 - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "RobotFX"
#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 2
#property indicator_plots 2
#property indicator_type1 DRAW_NONE
#property indicator_label1 "Bounce Up"
#property indicator_type2 DRAW_NONE
#property indicator_label2 "Bounce Down".......
⚠ 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.