New Day Opening Gap and New Week Opening Gap (NWOG-NDOG) Indicator MT4 - Free

The New Day and New Week Opening Gap (NWOG-NDOG) Indicator is useful for both professional and beginner traders in MetaTrader 4. This indicator identifies price gaps at the beginning of a new week and day, displaying them on the price chart.

When the market closes at the end of the day or week, the price at reopening differs from the previous closing price, creating a price Gap. This indicator marks the new week price gap (NWOG) in red and the new day price gap (NDOG) in green.

Table of Specifications

Uptrend Conditions

According to the DogeCoin price chart in the 30-minute time frame, the indicator identifies the daily opening gap and displays it as a green box on the chart. In a corrective downward movement, the price touches the daily gap, providing a suitable opportunity to enter a Buy position.

Downtrend Conditions

The USD/CAD price chart in the 1-hour time frame shows how the opening gap indicator works. The indicator first identifies and plots the daily opening gap on the chart. A potential trend reversal can be considered if the price approaches or touches the green box.

Indicator Settings

• Color theme of chart and object: Light background theme;
• NYOG_Show: Annual opening gap display disabled;
• NMOG_LookBack: Number of candles for monthly gap calculation set to 5;
• NMOG_Show: Monthly opening gap display disabled;
• NWOG_LookBack: Number of candles for weekly gap calculation set to 5;
• NWOG_Show: Weekly opening gap display enabled;
• NDOG_LookBack: Number of candles for daily gap calculation set to 5;
• NDOG_Show: Daily opening gap display enabled;
• Invalidation: Removal of invalidated zones enabled.

Conclusion

The New Day Opening Gap indicator is a powerful and practical tool in MetaTrader 4. Traders can identify key price areas using this indicator and make trading decisions based on them. Focusing on daily and weekly opening gaps, this tool is recognized as a practical instrument for all trading levels, particularly beneficial for liquidity-based analysis and ICT strategies.