New Day Opening Gap and New Weekly Opening Gap (NWOG-NDOG) Indicator MT4 - Free - MetaTrader 4 Resource

The New Day and New Week Opening Gap (NWOG-NDOG) indicator is useful for both professional traders and beginners in MetaTrader 4. This ICT indicator identifies the price gap at the beginning of a new week and day and displays it on the price chart.

When the market closes at the end of the day or week, the price when it reopens is different from the previous closing price, creating a price gap . This indicator marks the New Weekly Price Gap ( NWOG ) in red and the New Daily Price Gap ( NDOG ) in green.

Specification sheet

The characteristics of the new daily and new weekly opening gap indicators are as follows:

Indicator overview

Opening Gaps are considered key Support and Resistance areas. When price approaches these gaps, there is a likelihood of trend reversal or continuation.

The tendency of price to return and fill these gaps can provide traders with suitable entry and exit trade opportunities. Event Horizon (PD) is a new concept in ICT trading style , derived by averaging weekly and daily opening gaps.

Uptrend Conditions

According to the DogeCoin on the price chart on the 30-minute time frame, this indicator identifies daily opening gaps and displays them as green boxes on the chart. In a corrective downward move, the price hits a daily gap, providing a suitable opportunity to enter the market Buy position.

downtrend conditions

The USD/CAD price chart on the 1 hour time frame shows how the Open Gap indicator works. The indicator first identifies and plots the daily opening gap on the chart. If the price approaches or touches the green box, you can consider a potential trend reversal.

Indicator Settings

The items related to the opening gap setting of the new day and new week are as follows:

• Color themes for charts and objects: light background theme;
• NYOG_Show: Year opening gap display is disabled;
• NMOG_LookBack: The number of candles for monthly gap calculation is set to 5;
• NMOG_Show: Monthly opening gap display is disabled;
• NWOG_LookBack: The number of candles for weekly gap calculation is set to 5;
• NWOG_Show: Enable weekly opening gap display;
• NDOG_LookBack: The number of candles used for daily gap calculation is set to 5;
• NDOG_Show: Enable daily opening gap display;
• Invalidation: Removal of invalid regions is enabled.

Conclusion

The New Day Opening Gap indicator is a powerful and practical tool for MetaTrader 4 . Traders can use this indicator to identify key price areas and make trading decisions accordingly.

Focusing on daily and weekly opening gaps , this support and resistance indicator is considered a practical tool for all trading levels and is particularly beneficial for liquidity based analysis and ICT strategies .