Calculates Fair Value Gap (FVG) as a counter and plots it below price. FVG Counter value resets to +ve or -ve once the FVG counter reverses direction. Use this script to find a bias to trade with. Best used on HTF (like 1W, 1D), so the bias can be transferred to LTF (like 4H, 1H).
If you end up using this script, please leave a comment below on how you used it. I can try to incorporate those ideas in an update.
Thank you for your script. Without reading your comments, I naturally gravitated with 1w/1day time frame and then 4h/1h as you mentioned.
makuchaku
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@PM360, Thank you for the coins, the gesture is much appreciated :)
PM360
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@makuchaku, You are welcome. I like the simplicity of this script. I would have given you 5000 coins if I could.
Is there anyway I can make an alert when the FVG transitions from green/red, red/green?
makuchaku
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@PM360, Hi, sorry - my coding chops at not that good :) I just draw the most active boxes myself (on top of the ones drawn by indicator) - as price only approaches so many boxes in a week on HTF. As the transition happens, I just bring the instrument in my watchlist. Then when they are filled,
what is the best strategy using this indicator? trade opposit at extremes?? help
Lhvinsky
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Great indicator, super accurate. but would appreciate an alert for trend change, keep up the great work!
Jo-Pippin
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Its not using any FVGs though. close > high[1] or close < low[1] only. Why include
isUp(index) => close[index] > open[index]
isDown(index) => close[index] < open[index]
Juno-BDE
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awesome work. thank you. i love this and your ipda indicator. any chance to add a user defined/setting to display a single htf? so on 30m i can see fvg trend on the daily? also can add a bull or bear plot or definition- that can be alerted?
bldgr
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This script does not measure FVGs at all but only measures closes above prior highs or lows.