What is gap?
You may know gap as a space, where there are no price quotes such as after weekend or important economical announcement. In this manual, gap represents a space in market, where there was a big price action - sell or buy. With this indicator we are looking for footprints of big market players. These gaps are very important for price movements and we can use them as a support and resistance, where big players execute their buy and sell orders, sometimes we see market rotation exactly on pip. If we have 3 consecutive candles in downtrend, borders of gap are defined by low of 1.st candle and high of 3.rd candle. In uptrend vice versa.
- TimeFrame – choose suitable TimeFrame for your use (M1-MN) for MultiTimeframe function. Only gaps from this TimeFrame will be shown. If you choose "current", current TimeFrame on your chart will be used.
- BarsBack – number of candles back, which will be used for finding gaps. Proper values 40-500 candles.
- MinGapSize – minimal gap size, which will be used. Normally it is set to 1 pip
- BuyingGap – colour of buying gap
- SellingGap – colour of selling gap
After setting up indicator, click on OK button and you will see the indicator in chart.