Fair Value Gaps (FVG) - unfilled imbalance zones with fill tracking and alerts - indicator for MetaTrader 5

A fair value gap (FVG, also called an imbalance) is a three-candle pattern where price moved so fast that the wicks of candle 1 and candle 3 do not overlap:

• Bullish FVG: the low of candle 3 is above the high of candle 1.
• Bearish FVG: the high of candle 3 is below the low of candle 1.

Price often comes back to such a gap later. This indicator shows the gaps that are still open, so you can see at a glance where those zones are.

What it shows

• Every open gap as a box from candle 2 to the right, green for bullish, red for bearish.
• The 50 % line of each gap (often called consequent encroachment).
• How much of a gap price has filled since it formed. When the gap is filled (100 % by default, or the percent you set, for example 50 %), its box ends at the candle that filled it.
• Optionally the filled gaps as grey boxes, so you can see how price reacted to them.

How it works

• Gaps are found on closed candles only, so a gap never appears or disappears afterwards (no repaint).
• Small gaps can be skipped: minimum size as a part of ATR(14) (default 0.25 x ATR) or in points.
• To keep the chart clean only the newest open gaps are drawn (default 10 per direction).
• The calculation is incremental: after the first run only the new candle is processed.

Inputs

• Bars to scan (default 1500)
• Minimum gap size, x ATR(14) / in points
• A gap counts as filled at this percent (default 100)
• Unfilled gaps shown per direction; keep filled gaps as boxes; filled gaps shown
• Draw the 50 % line; colours
• Alerts: on a new gap, when price comes back into a gap; push notification and e-mail

Buffers for Expert Advisors (iCustom, not drawn)

• 0 / 1: top / bottom of the newest unfilled bullish gap
• 2 / 3: top / bottom of the newest unfilled bearish gap
• EMPTY_VALUE when there is none

Example: double top[]; CopyBuffer(handle, 0, 1, 1, top); gives the top of the newest open bullish gap on the last closed candle.

Good to know

• It works on any symbol and time frame.
• The indicator only draws and calculates; it never trades.