Fair Value Gaps (FVG) – unfilled imbalance zones with fill tracking and alerts

Indicators MetaTrader 5 Free

A fair value gap (FVG, also called an imbalance) is a three-candle pattern where price moved so fast that the wicks of candle 1 and candle 3 do not overlap:

  • Bullish FVG: the low of candle 3 is above the high of candle 1.
  • Bearish FVG: the high of candle 3 is below the low of candle 1.

Price often comes back to such a gap later. This indicator shows the gaps that are still open, so you can see at a glance where those zones are.

FVG zones on XAUUSD M15: open bullish gaps green, bearish gaps red, filled gaps grey

What it shows

  • Every open gap as a box from candle 2 to the right, green for bullish, red for bearish.
  • The 50 % line of each gap (often called consequent encroachment).
  • How much of a gap price has filled since it formed. When the gap is filled (100 % by default, or the percent you set, for example 50 %), its box ends at the candle that filled it.
  • Optionally the filled gaps as grey boxes, so you can see how price reacted to them.

How it works

  • Gaps are found on closed candles only, so a gap never appears or disappears afterwards (no repaint).
  • Small gaps can be skipped: minimum size as a part of ATR(14) (default 0.25 x ATR) or in points.
  • To keep the chart clean only the newest open gaps are drawn (default 10 per direction).
  • The calculation is incremental: after the first run only the new candle is processed.

Inputs

  • Bars to scan (default 1500)
  • Minimum gap size, x ATR(14) / in points
  • A gap counts as filled at this percent (default 100)
  • Unfilled gaps shown per direction; keep filled gaps as boxes; filled gaps shown
  • Draw the 50 % line; colours
  • Alerts: on a new gap, when price comes back into a gap; push notification and e-mail

Buffers for Expert Advisors (iCustom, not drawn)

  • 0 / 1: top / bottom of the newest unfilled bullish gap
  • 2 / 3: top / bottom of the newest unfilled bearish gap
  • EMPTY_VALUE when there is none

Example: double top[]; CopyBuffer(handle, 0, 1, 1, top); gives the top of the newest open bullish gap on the last closed candle.

Good to know

  • It works on any symbol and time frame.
  • The indicator only draws and calculates; it never trades.

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