New Day Opening Gap and New Week Opening Gap MT4
- Индикаторы
- Eda Kaya
- Версия: 1.11
New Day Opening Gap and New Week Opening Gap NWOG NDOG MT4
The Daily and Weekly Opening Gaps (NDOG & NWOG) Indicator is designed for both novice and experienced traders on the MetaTrader 4 platform. It detects price gaps that occur at the start of a new trading day or week and visually represents them on the chart. When the market reopens after a daily or weekly close, there is often a price difference from the previous session’s closing value, leading to an opening gap. The indicator highlights the weekly opening gap (NWOG) in red and the daily opening gap (NDOG) in green for easy identification.
Indicator Specifications
Category | Kill-Zone – Support & Resistance – ICT |
Platform | MetaTrader 4 |
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 |
Indicator Overview
Opening gaps serve as significant areas of Support and Resistance. When price action moves near these gaps, the market often reacts by either reversing or continuing its trend. Since price frequently retraces to fill these gaps, traders can leverage them for optimal entry and exit strategies. The Event Horizon (PD) concept within ICT trading is derived from averaging the daily and weekly opening gaps, and this indicator helps traders analyze this zone efficiently.
Bullish Market Setup
On a 30-minute Dogecoin chart, the indicator identifies daily gaps and marks them in green. When price retraces to this level during a corrective move, it may present a buying opportunity for traders looking to enter long positions.
Bearish Market Setup
Using a 1-hour USD/CAD chart, the indicator plots the daily opening gap. If the price revisits this zone, it may signal a possible trend reversal, allowing traders to consider short positions in alignment with market structure.
Customization & Settings
- Chart Theme & Objects: Light mode enabled
- NYOG_Show: Yearly opening gap display off
- NMOG_LookBack: Monthly gap calculation based on 5 candles
- NMOG_Show: Monthly opening gap display disabled
- NWOG_LookBack: Weekly gap calculation using 5 candles
- NWOG_Show: Weekly opening gap display enabled
- NDOG_LookBack: Daily gap calculation based on 5 candles
- NDOG_Show: Daily opening gap display enabled
- Invalidation: Automatic removal of outdated zones enabled
Conclusion
The Daily Opening Gap Indicator is a versatile and strategic tool for MetaTrader 4 users. By identifying crucial price levels, traders can refine their market entries and exits. Focused on daily and weekly gaps, this indicator is invaluable for liquidity-based trading and ICT strategies, catering to traders of all experience levels.