Explore the latest free tools from the MQL5 community. Here's a new indicator, expert advisor, or script for MetaTrader.
Gold FVG Finder
The indicator searches for areas of market imbalance on the chart and signals with an arrow when the price returns to such an area for the first time. Suitable for Gold, Forex and any liquid instruments on timeframes ranging from M5 to H4.
What is a Fair Value Gap?
A Fair Value Gap (an area of unfair pricing) is a section of the chart that the price has moved through too quickly. A gap forms between the shadows of the first and third candles, which is not covered by the body of the middle candle. In such zones, major market players leave unfilled orders, and the price almost always returns there to close them. It is precisely this return that forms the basis of the indicator’s logic.
What is displayed on the chart
- Green rectangles — FVG bullish zones (an upward move is expected when the price retraces)
- Red rectangles — FVG bearish zones (a downward move is expected when the price retraces)
- The dotted line within each zone — the 50% level, Consequent Encroachment (the most accurate entry target within the zone)
- Green upward arrow — buy signal when the price touches the bullish zone
- Red down arrow — sell signal when the price touches a bearish zone
- The information panel in the top right-hand corner — the current RSI value and the number of active zones on the screen
Once a zone has been touched for the first time, it is considered to have been triggered and no longer generates signals, so as to avoid multiple entries at the same point.
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Settings
- Use RSI Filter — enable an additional RSI filter. Disabled by default; signals are generated only when the zone is touched
- RSI Period — the RSI calculation period (default 14)
- RSI Oversold — the RSI level for buy signals when the filter is enabled (default 40)
- RSI Overbought — the RSI level for sell signals when the filter is enabled (default 60)
- Use Alerts — enable pop-up notifications when a signal is triggered
- Bull Colour — the colour of FVG’s bullish zones
- Bear Colour — the colour of the bearish FVG zones
- Line Colour — the colour of the 50% line within the zone
- Max History — the depth of the history used to plot the zones (number of bars)
Recommended timeframe
Recommended timeframe:M15. This is the timeframe on which the indicator was tested on Gold (XAUUSD) and demonstrates the best balance between the number of signals and their quality. On the M15, intraday zones of imbalance are clearly visible, which the price regularly retests during a single trading session.
The H1 timeframe is suitable for more relaxed trading with fewer signals, but each signal will carry greater weight. The M1 and M5 timeframes are not recommended — they contain too many minor zones that create noise. The FVG strategy is versatile and works equally well on currency pairs and stock indices.
Trading recommendations
The indicator provides a point of interest, not a ready-made entry order. The best results are achieved when a touch of the FVG zone coincides with a major support or resistance level on a higher timeframe. Do not enter a trade against a clear trend simply because the price has touched the zone. Always use a stop-loss, placing it outside the FVG zone.
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