Opening Gap (ICT) Indicator for MetaTrader 5 Download - Free - [TradingFinder]

The Opening Gap Indicator in MetaTrader 5 effectively identifies price gaps that form when a new candle opens. This indicator enables traders to automatically identify price gaps between two trading periods, allowing them to determine potential reversal or continuation points. By detecting these gaps, the indicator acts as support and resistance levels to aid traders in better analysis.

Indicator Specifications Table

Opening Gap Indicator in an Uptrend

According to the USD/CHF currency pair's 30-minute chart, the gap is a support level after formation. When the price returns to this area, it prevents further declines, creating an opportunity for a Long trade. If the price breaks this level, the area turns red.

Opening Gap Indicator in a Downtrend

When the price encounters these levels, they act as resistance and trigger a decline. In the 15-minute Bitcoin (BTC) chart, the price returns to this area in a corrective move after a gap forms, preventing further growth. Upon re-encountering this level and breaking it, the gap area turns red.

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 displaying annual gap (5);
• NMOG_Show: Monthly gap indicator;
• NMOG_LookBack: Default period for displaying monthly gap (5);
• NWOG_Show: Weekly gap indicator;
• NWOG_LookBack: Default period for displaying weekly gap (5);
• NDOG_Show: Daily gap indicator;
• NDOG_LookBack: Default period for displaying daily gap (5);
• NDOH_Show: Gap indicator;
• Invalidation: Indicates previously broken levels.

Conclusion

The Opening Gap Indicator is a practical tool for identifying sudden price changes in financial markets. The gaps detected by this indicator serve as support and resistance levels. Traders utilizing various styles, such as ICT and Smart Money, can integrate this indicator into their strategies to enhance their trading.