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FiveTT Gap Indicator

49.99 USD

Demo downloaded: 182

Published: 15 January 2018

Current version: 1.4

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Overview
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FiveTT Gap Indicator

Indicators
Chima Nwokoro
Version: 1.4
Updated: 26 November 2021
Activations: 5

In Forex trading, the Open price of a new period is usually the same as the close price of the preceding one. If a new period opens at a price significantly different (higher or lower), this gives way to a Gap scenario. This suggests an imbalance in the price action. Price tends to move during the new period to cover the gap created. This move presents consistent buying and selling opportunities; hence potential to make profit.

There are two types of Gap scenarios

'Gap Up' - Open price of the new period is significantly higher than close price of the preceding period. The price will tend to move lower, thereby presenting selling opportunities
'Gap Down' - Open price of the new period is significantly lower than close price of the preceding period. The price will tend to move higher, thereby presenting buying opportunities

The 5TT Gap Indicator makes it easy for the trader to pick out these opportunities when they happen. The indicator provides the following features:

User-friendly with only three parameters to set
Can be used on all currency pairs
Can be used on all timeframes
Clear display of the Gap setup
Display of the size of the Gap, thereby allowing traders to determine profit targets and stop loss levels
Color distinction for 'Gap Up' and 'Gap Down' scenarios

The trader also gets our lifetime technical support and free future updates.

Settings

CandlesBack: How many bars back from the current bar should the indicator monitor? Default is 2000 bars.
GapSize: Minimum pips (gap) between current bar’s Open price and previous bar’s Close price before indicator recognizes as ‘Gap’.
UseAlerts: Selecting 'True' allows the indicator to raise an alert in the terminal once a gap situation forms. The currency pair and 'Gap' size are also displayed on the Alert window.

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Version 1.4 2021.11.26

Compiled and updated to current MQL5 version

Version 1.1 2018.01.25

Added Alert feature to notify the trader when a new candle opens with a gap