Enhanced FVG
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Enhanced FVG
Enhanced FVG is a technical indicator for MetaTrader 5 that identifies Fair Value Gaps on the chart and measures the buyer-to-seller volume ratio within each detected gap. Volume classification is performed using M1 timeframe tick volume data, applying the same methodology used in standard Volume Profile analysis.
How It Works
The indicator scans three consecutive candlesticks to detect Fair Value Gaps. A Bullish FVG is identified when the high of the first candle does not overlap with the low of the third candle, creating a price gap above the second candle. A Bearish FVG is identified when the low of the first candle does not overlap with the high of the third candle, creating a price gap below the second candle.
Once an FVG is detected, the indicator retrieves all M1 candlestick data within the time range of the three candles that formed the gap. Each M1 candle is classified as buyer volume or seller volume based on the following Volume Profile method:
- If the M1 candle closes above its open, the entire tick volume is counted as buyer volume.
- If the M1 candle closes below its open, the entire tick volume is counted as seller volume.
- If the M1 candle closes at the same price as its open, the tick volume is assigned based on the position of the close relative to the midpoint of the candle range.
This approach provides a granular and accurate estimation of buying and selling pressure during the formation of each Fair Value Gap.
Visualization
Each unmitigated FVG is displayed as a rectangular zone on the chart, divided into two horizontal rows of equal height. The upper row represents the seller volume bar and the lower row represents the buyer volume bar. The length of each bar corresponds proportionally to the respective volume ratio. This layout allows traders to quickly assess the balance of power between buyers and sellers within each gap.
An unmitigated zone, displayed in light blue, extends from the end of the volume bars to the right edge of the visible chart area. This zone indicates the price region where the Fair Value Gap has not yet been revisited by price action.
When price action returns to fill or rebalance an FVG, the indicator automatically removes it from the chart. Only active, unmitigated Fair Value Gaps remain visible, keeping the chart clean and focused on relevant price levels.
Key Features
- Fair Value Gap detection based on the standard three-candle pattern.
- Volume classification using M1 tick volume data for accurate buyer and seller measurement.
- Split-bar visualization showing buyer and seller volume proportions within each FVG.
- Automatic removal of balanced Fair Value Gaps to reduce visual clutter.
- Unmitigated zone projection extending to the right side of the chart.
- Fallback volume estimation using the active timeframe tick volume when M1 data is unavailable.
- Adjustable volume zone width as a percentage of total FVG length.
- Configurable minimum and maximum volume bar sizes.
- Customizable colors for buyer volume, seller volume and unmitigated zones.
- Compatible with all symbols and timeframes available in MetaTrader 5.
Input Parameters
- Max Bars to Analyze: limits the number of historical bars scanned for FVG detection. Default is 500.
- Min Gap Size (points): filters out small gaps below the specified threshold. Set to 0 to disable filtering.
- Volume Zone Percent: determines the proportion of the total FVG rectangle occupied by the volume bars. Default is 40 percent.
- Minimum Volume Zone (bars): sets the minimum width of the volume bar area. Default is 4 bars.
- Maximum Volume Zone (bars): sets the maximum width of the volume bar area. Default is 30 bars.
- Buyer Volume Color: the color used for the buyer volume bar. Default is Lime Green.
- Seller Volume Color: the color used for the seller volume bar. Default is Crimson.
- Unmitigated Zone Color: the color used for the unmitigated area. Default is Light Sky Blue.
Recommended Usage
The indicator is designed for use on H1 and higher timeframes where Fair Value Gaps carry greater structural significance. Ensure that M1 historical data is available for the selected symbol, as the indicator relies on this data for accurate volume calculation. M1 data can be downloaded through the MetaTrader 5 History Center or will be requested automatically when the indicator is first applied.
This indicator is a technical analysis tool intended for educational and informational purposes. It does not generate trading signals and should be used in conjunction with other methods of market analysis.
