Opening Gap (ICT) Indicator for MetaTrader 4 Download - Free - [TradingFinder]

The Opening Gap Indicator in MetaTrader 4 is a key tool for identifying price discrepancies at the market opening between two trading periods. A gap occurs when the opening price of a new candle is higher or lower than the closing price of the previous candle.

This indicator automatically detects and displays these price gaps on the chart, providing traders with entry opportunities and growth potential.

Indicator Specifications Table

Opening Gap Indicator in an Uptrend

The gaps this indicator creates act as support levels; a return to this area can prevent a further price increase. According to the EUR/USD 1-hour price chart, the price rises after a gap forms. As the trend reverses, the green area prevents a price decline, providing an opportunity for a Long trade.

Opening Gap Indicator in a Downtrend

The gaps created by the Opening Gapindicator are recognized as resistance levels where the price reacts and declines upon reaching this level. The chart below shows the USD/CAD currency pair in the 15-minute time frame. After forming a gap, the price returns to this area in a corrective move, preventing further price increases and providing a Short trade opportunity.

Indicator Settings

• Display setting: Screen display settings;
• Color theme of chart and object: Chart background color change;
• General setting: General indicator settings;
• NYOG_Show: Annual gap indicator;
• NYOG_LookBack: Default period for showing annual gap (5);
• NMOG_Show: Monthly gap indicator;
• NMOG_LookBack: Default period for showing monthly gap (5);
• NWOG_Show: Weekly gap indicator;
• NWOG_LookBack: Default period for showing weekly gap (5);
• NDOG_Show: Daily gap indicator;
• NDOG_LookBack: Default period for showing daily gap (5);
• NDOH_Show: Gap indicator;
• Invalidation: Indicates broken past levels.

Conclusion

The Opening Gap Indicator is useful for identifying sudden price changes in financial markets. The gaps formed by this indicator define support and resistance levels. Traders in ICT, Smart Money, and other styles can integrate this indicator into their trading strategies.