Improved Fair Value Gap Void MT5
Improved Fair Value Gap Void MT5
The Improved Fair Value Gap (iFVG + Void) indicator for MetaTrader 5 is an advanced iteration of the traditional Fair Value Gap "FVG" indicator. Fair Value Gaps emerge following sharp price movements, marking crucial zones where supply and demand are unbalanced.
Price action often gravitates back to these levels. This indicator visually marks bullish Fair Value Gaps (FVG) with green boxes and bearish Fair Value Gaps with red boxes. Additionally, it shades the used portion of each FVG in gray, offering deeper insights into market dynamics.
«Indicator Installation & User Guide»
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Indicator Specifications Table
| Category | ICT - Smart Money - Liquidity |
| Platform | MetaTrader 5 |
| Skill Level | Intermediate |
| Indicator Type | Continuation - Reversal |
| Time Frame | Multi Time Frame |
| Trading Style | Scalping - Day Trading |
| Markets | Cryptocurrency – Forex – Stocks – Commodities |
Overview of the Indicator
This tool is a refined enhancement of the FVG indicator, specifically crafted to improve the precision of Fair Value Gap identification and plotting. The inclusion of the used portion of each FVG assists traders in determining the strength and validity of these gaps.
It is particularly useful for those employing liquidity-based Price Action methodologies, such as ICT and Smart Money trading principles.
iFVG + Void in an Uptrend
A 30-minute price chart of Binance Coin (BNB) illustrates the indicator’s function during an uptrend. As shown in the image, price action interacts with the green FVG zones, marking viable long-entry points. The gray boxes represent FVGs that have been consumed and are no longer active.
iFVG + Void in a Downtrend
Analyzing the NZD/USD pair on a 1-hour chart, the indicator marks red FVG zones where price action reacts, creating potential short-entry opportunities. Similarly, invalidated FVGs appear in gray, indicating zones that have been exhausted.
Indicator Settings
- Theme: Light theme applied
- Candles to check at start time: Set to evaluate 1000 candles
- Prefix for FVG objects: FVG object prefix assigned
- FVG types: Normal FVG box applied
- Show iFVG: Highlights all active Fair Value Gaps
- Show invalidated iFVG: Displays consumed iFVGs
- Show percent of zone usage: Percentage of FVG utilization shown
- iFVG used area color: Gray for consumed zones
- Invalid with a candle close: FVG becomes invalid upon a full candle close
- Invalid with OB size: FVG is nullified when overlapped by an Order Block
- Invalid with OB size value: Order Block size threshold is set to 10
- Invalid with OBs union: Multiple Order Blocks combining to void the FVG is enabled
Summary
The iFVG + Void indicator is a valuable addition to MetaTrader 5, helping traders pinpoint liquidity zones with higher accuracy. By identifying imbalances between supply and demand, this tool plots FVG areas that can act as potential turning points for price action.
These identified zones serve as effective entry and exit areas, enhancing trading efficiency and decision-making.
