Hey there, traders! If you’re looking to enhance your trading strategy, let me introduce you to the Gap Finder Indicator for MetaTrader 4. This nifty tool can really give you an edge when it comes to spotting market opportunities.
The Gap Finder makes it super easy to identify bullish gaps with an up arrow and bearish gaps with a down arrow. Plus, it has the option to mark closed gaps with a cross or keep them hidden, depending on your preference.
One of the great features of this indicator is that you can set the minimum gap size in points. Any gaps smaller than this threshold will be ignored, helping you focus on the most significant price movements.
Input Parameters:
- Min gap size in points: Set the minimum number of points for gaps to be considered valid.
- Check for closed gaps: Toggle history checks for any closed gaps.
- Max history bars for closed gaps: Determine the maximum number of history bars to analyze for closed gaps.
- Hide closed gaps: Choose whether to display or hide closed gaps on your chart.
- Show Alerts: Enable alerts for new and closed gaps, so you never miss a beat!
Example showing both open and closed gaps:
Same chart showing only open (fresh) gaps:
Suggested Usage:
- New open gaps can serve as an entry filter, aligning your trades with the direction of the gap.
- Older open gaps can act as targets for trades in the opposite direction, making them valuable for your strategy.
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