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- New Day Opening Gap and New Week Opening Gap (NWOG-NDOG) Indicator MT5 - Free
New Day Opening Gap and New Week Opening Gap (NWOG-NDOG) Indicator MT5 - Free
The New Day and New Week Opening Gap (NWOG-NDOG) indicator is an efficient and valuable tool for traders in MetaTrader 5. This indicator identifies price gaps that form at the beginning of the new week and the new 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 tool marks the weekly price gap (NWOG) in red and the daily price gap (NDOG) in green on the chart.
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 |
Opening Gap Indicator in an Uptrend
According to the EUR/USD price chart on a 1-hour time frame, the indicator identifies the weekly opening gap and marks it as a red box on the chart.
The image shows that the price fluctuates around the weekly opening gap before reversing and moving upwards.
Opening Gap Indicator in a Downtrend
The price chart of Arabica Coffee in the commodities market on a one-hour time frame illustrates how the indicator performs in downtrend conditions. The price retraces to the daily opening gap identified by the indicator, providing a suitable opportunity to enter sell trades.
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 one of the practical tools in MetaTrader 5. It assists traders in identifying key price areas and executing better trading strategies. Focusing on daily and weekly opening gaps, this indicator is recognized as useful for all trading levels. The Opening Gap Indicator is particularly beneficial for traders utilizing the ICT style.
Can this indicator be used in the cryptocurrency market?
This indicator can be applied to all markets due to its high flexibility.
Does the Opening Gap Indicator plot support and resistance zones on the chart?
No, this indicator plots daily and weekly opening gaps. Due to their high liquidity, these areas can act as support and resistance levels.