The purpose of this blog is to describe and explain the input parameters of my Fair Value Gap indicator for MT5.
This is an out-of-the-box product which will normally not be modified based on request from a single customer. Please therefore first read this blog to the end and/or test the indicator in the strategy tester in order to understand what it can and cannot do.
General information
The number visible at the right corner of each active zone represents the number of times the FVG zone has been tested.
Input parameters
- GENERAL SETTINGS
- How many bars to look back - zones will be drawn on the chart this amount of bars back in time
- Min. amount of bars for FVG zone (0=disabled) - the zone will be valid only after this amount of bars without test
- Zone invalidate method - listbox with the following selections:
- High/low outside zone
- High/low inside zone
- Close outside zone
- Close inside zone
- Show invalidated zones - 'true' or 'false'. If set to 'false' then broken zones will not be drawn on the chart
- Min. amount of candles between zone tests - decides how many bars there has to be between zone tests for the test to be valid
- Average candle size period - if set to for instance 50 then the size of the middle candle in the FVG formation must be larger than the average candle size for the last 50 candles, multiplied with the value in the 'Middle candle size multiplier' input parameter. This value will only be used if the value in the next parameter is larger than 0
- Middle candle size multiplier (0=Average candle disabled) - if set to 0 then the averge candle size period filter above will not be used
- Min. middle candle body percent (0=disabled) - if set to for instance 70 then the body size must be at least 70%, which means that the 2 wicks togehter cannot be more than 30% of the candle size
- Enable global variables (for EA) - the format is FVG-[symbol]-[time frame]-bearish or bullish
- CHART OBJECTS SETTINGS
- Bullish color
- Bearish color
- Invalidated bullish color
- Invalidated bearish color
- Text color - used for the text labels
- Text font - used for the text labels
- Font size for number of tests label
- Size for price labels [1-3]
- Price label at outer border - 'true' or 'false'.
- Fill the rectangle - 'true' or 'false'. Fills the rectangle with the selected color
- Rectangle line thickness (if unfilled)
- ALERTS
- Enable zone test alerts
- Custom alert text
- On-screen (pop-up) alert
- Custom sound alert (if True then no pop-up alert)
- Custom sound file
- Mail alert
- Push alert
