New Day Opening Gap and New Weekly Opening Gap (NWOG-NDOG) Indicator MT5 - Free - MetaTrader 5 Resource

The New Day and New Week Opening Gap (NWOG-NDOG) indicator is an efficient and valuable tool for traders. This ICT indicator identifies price gaps that form at the start of a new week and day and displays them 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 tool marks the Weekly Price Gap (NWOG) in red and the Daily Price Gap (NDOG) in green on the chart.

Specification sheet

The table below shows the specifications of the New Day and New Weekly Opening Gap indicators:

Indicator overview

Opening Gaps are considered crucial Support and Resistance areas. When price approaches these gaps, trend reversal is possible.

Price tends to move back and fill these gaps, making opening gap areas ideal trading entry and exit points. This Event Horizon (PD) , a new concept in ICT trading style , is derived from the average between weekly and daily opening gaps.

Opening gap indicator in uptrend

According to the EUR/USD price chart on the 1-hour time frame, this indicator identifies weekly opening gaps and marks them as a red box on the chart.

The chart shows price fluctuating around the weekly opening gap before reversing and moving upwards.

Opening Gap Indicator in Downtrend

The price chart of Arabica Coffee commodity market data on the one-hour time frame illustrates how this indicator performs during downtrend conditions. Price retracement to the daily opening gap determined by the indicator provides a suitable entry opportunity to sell trades.

Indicator Settings

The chart below shows the setup of the New Daily and New Weekly Opening Gap indicator:

• 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 one of the useful tools of MetaTrader 5 . It helps traders identify key price areas and better execute trading strategies . Focusing on daily and weekly opening gaps, this smart money indicator is considered useful for all trading levels.

The Opening Gap indicator is particularly beneficial for traders using the ICT style.