Diamond FVG Pro
- Indicators
- Lo Thi Mai Loan
- Version: 1.0
- Activations: 7
FVG (Fairvalue Gap, Hidden Gap, imbalance) refers to the low-volume price range that may appear within the three candlesticks.
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1/ Understanding WRB-Hidden-Gap:
In this indicator, it first identifies a candle with a large body called "Wide Range Body (WRB)" and signals it with a ♦. The condition for a Wide Range Body is that "the body of the next candle is larger than the bodies of the past three candles." Within the identified WRB with ♦, if the candle has a FairValue Gap, a blue zone will be displayed horizontally.
The zone stops when it is completely filled.
It is an excellent indicator for easy FVG analysis.
2/ Parameter Settings:
2.1/ Start calculate bars num:
Determines how many past candlesticks to recognize for WRB and Hidden Gap.
2.2/ Use whole bars:
Default is false. False: Recognizes the current candle as WRB if its body is longer than the bodies of the past three candles. True: Recognizes the current candle as WRB if its overall length (including wicks) is longer than the entire bodies of the past three candles. (In this case, it becomes Wide Range Bar.) Default is false, recommended.
2.3/ Look back bar:
Default is 3. It is the parameter for comparing the size of the past candlesticks with the current one when determining WRB. A larger value makes WRB determination stricter, resulting in fewer FVG displays. The default 3 is recommended
2.4/ Color zone - 1,2:
Changes the color of the zone indicated by Hidden Gap.
2.5/ Setting hollow boxes:
If set to true, fills in the zone, and changes to line display. Increase the value when backtesting.
2.6/ Setting alert:
If set to true, an alert will sound when the price enters the zone.