Open Gap + Short (ICT) Indicator Download for MetaTrader 4 - Free - MT4/MT5 Resource

The Opening Gap + Void Indicator in MetaTrader 4 indicator is one of the important tools for identifying the opening gap between two trading sessions. A gap occurs when the opening price of the new candlestick is higher or lower than the closing price of the previous candlestick.

This indicator automatically detects price gaps and displays them on the chart . Furthermore, if any of these gaps can be filled by price, the indicator removes these areas from the chart and clearly highlights the remaining empty areas .

Indicator specification table

The following table provides summary notch + void metrics for specifications:

Indicator overview

When a gap appears between two candles, it indicates a sudden change in the market. This indicator shows gaps that occur due to important news, major price movements, or changes in market sentiment. Gaps can provide traders with insights into market conditions.

Initially, the gap appears in green . Once the price reaches and breaks out of this area, it will turn red .

The Opening Gap + Void indicator is in an upward trend

In the 1 hour chart of the EUR/USD currency pair , the price rose after a gap was formed. These gaps act as support levels and, as the market changes direction, prevent prices from falling further .

The Opening Gap + Void indicator is in a downward trend

Gaps are identified by the Opening Gap indicator and act as resistance levels (resistance) and often trigger a price reaction and decline . In these areas, prices tend to correct or fall after reaching a specified level .

The price chart below represents the USD/CAD currency pair on the 15 minute time frame , showing that after reaching the resistance gap level the price reacted and entered a downtrend .

Indicator Settings

The gap indicator setting section is shown below:

• NYOG_Show: Annual Gap Indicator
• NYOG_LookBack: Default period for displaying annual gaps
• NMOG_Show: Monthly gap indicator
• NMOG_LookBack: Displays the default period for monthly gaps
• NWOG_Show: Weekly gap indicator
• NWOG_LookBack: Default period showing weekly gaps
• NDOG_Show: Daily Gap Indicator
• NDOG_LookBack: Default period for displaying daily gaps
• NDOH_Show: Gap indicator
• Invalidation: Indicates a breakout of past levels

Conclusion

The Opening Gap + Void Indicator is a valuable tool for detecting sudden price changes in financial markets. The gaps identified by this indicator are support and resistance levels .

Traders using the ICT style , Smart Money Concept , and other trading strategies can utilize this indicator to improve their strategy market analysis and trade execution .