New Day and New Week Opening Gap ICT MT5
- Indicadores
- Eda Kaya
- Versão: 1.11
New Day and New Week Opening Gap ICT NWOG NDOG MT5
The New Day and New Week Opening Gap ICT NWOG NDOG MT5 indicator is a powerful and practical tool designed for traders using MetaTrader 5.
It helps detect price gaps that emerge at the start of a new trading day or week, making them visible on the chart. When the market closes at the end of a session, the reopening price may differ from the previous close, leading to a price gap. This indicator marks weekly price gaps (NWOG) in red and daily price gaps (NDOG) in green for easy identification.
«Indicator Installation & User Guide»
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Table of Specifications
Category | Kill-Zone – Support & Resistance – ICT |
Platform | MetaTrader 5 |
Skill Level | Intermediate |
Indicator Type | Reversal – Continuation |
Time Frame | Multi Time Frame |
Trading Style | Day Trading – Medium Term – Long Term |
Markets | Crypto – Forex – Stocks – Commodities |
Overview of the Indicator
Opening gaps act as significant support and resistance zones. When the price nears these areas, a possible trend reversal can occur.
Market behavior often favors filling these gaps before continuing in the dominant trend direction, making these regions ideal for trade entries and exits. The Event Horizon (PD), a concept used in ICT trading methodologies, is determined by averaging both the weekly and daily opening gaps.
Opening Gap Indicator in an Uptrend
Using the EUR/USD pair on a 1-hour time frame, the indicator highlights the weekly opening gap as a red box on the chart. Observing the chart, price action fluctuates around the weekly gap before making a decisive upward movement.
Opening Gap Indicator in a Downtrend
For a real-world example in the commodities market, the Arabica Coffee price chart on a one-hour time frame illustrates how the indicator performs in a downtrend. Here, the price retraces toward the daily opening gap identified by the indicator, providing a potential entry point for sell positions.
Indicator Settings
- Color theme of chart and object → Light background theme
- NYOG_Show → Annual opening gap display disabled
- NMOG_LookBack → Monthly gap calculation set to 5 candles
- NMOG_Show → Monthly opening gap display disabled
- NWOG_LookBack → Weekly gap calculation set to 5 candles
- NWOG_Show → Weekly opening gap display enabled
- NDOG_LookBack → Daily gap calculation set to 5 candles
- NDOG_Show → Daily opening gap display enabled
- Invalidation → Automatic removal of invalid zones enabled
Summary
The New Day and New Week Opening Gap ICT NWOG NDOG MT5 indicator is an essential trading tool for identifying key price levels in MetaTrader 5.
By focusing on daily and weekly price gaps, it offers a structured approach to market analysis, helping traders make more informed decisions. This tool is particularly beneficial for traders using ICT-based strategies, making it a valuable asset for all trading experience levels.