The Opening Gaps + Breaker Indicator is one of the MetaTrader 5 indicators that automatically detects daily gaps and marks them as support and resistance levels on the chart.
Initially, support zones are displayed in gray, and resistance zones in red. When these areas are broken, their color changes to purple, indicating a breaker block.
Specifications of the Opening Gaps + Breaker Indicator
The table below highlights the key features of this indicator.
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Indicator Categories:
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Smart Money MT5 Indicators
Liquidity Indicators MT5 Indicators
ICT MT5 Indicators
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Platforms:
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MetaTrader 5 Indicators
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Trading Skills:
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Advanced
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Indicator Types:
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Reversal MT5 Indicators
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Timeframe:
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Multi-Timeframe MT5 Indicators
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Trading Style:
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Intraday MT5 Indicators
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Trading Instruments:
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Forex MT5 Indicators
Crypto MT5 Indicators
Stock MT5 Indicators
Commodity MT5 Indicators
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Indicator Overview
The Opening Gaps + Breaker Indicator follows ICT trading Style and highlights how prices tend to revisit price gaps to fill them.
In technical analysis, this behavior is recognized as a natural market tendency, where prices often attempt to return to fill gaps after they occur.
Indicator in an Uptrend
In the GBP/CHF currency pair, a previously resistance zone is broken after the indicator identifies a price gapnd transforms into a support level.
The indicator then changes the color of this breaker block to purple, reflecting the updated status.
Indicator in a Downtrend
In the 15-minute EUR/GBP chart, the indicator initially identifies a support zone. After a price retracement, the level is broken, and the indicator recognizes the breaker block, shifting its role from support to resistance.
Opening Gaps + Breaker Indicator Settings
The following image showcases the settings for the Opening Gaps + Breaker Block Indicator:
- New Day Opening Gap Duration: Duration to analyze the new day’s gap
- New Day Opening Gap: Display the new day’s opening gap
- New Week Opening Gap Duration: Duration to analyze the new week’s gap
- New Week Opening Gap: Display the new week’s opening gap
Conclusion
The Opening Gaps + Breaker Block Indicator automatically detects New Day Opening Gaps (NDOG) and New Week Opening Gaps (NWOG), marking them as support or resistance levels on the chart.
This indicator is a powerful tool for traders using ICT strategies and Smart Money concepts.
Which timeframes are suitable for the Opening Gaps + Breaker Indicator?
This indicator can effectively detect daily and weekly gaps across all timeframes.
Is the Opening Gaps + Breaker Indicator limited to specific markets?
No, it is versatile and can be applied to various markets, including cryptocurrencies, forex, stocks, and commodities.