The Gap Finder Forex indicator for Metatrader 5 scans the price chart for possible price gaps found between the previous candle’s close and the current candle’s open.
It paints an alert arrow on the chart as follows:
- A green colored arrow is a bullish price gap.
- A red colored arrow is a bearish price gap.
Combine the gap finder indicator with other technical indicators in a bid to find the best trade entry price after the price gap has occurred.
The indicator contains the following inputs and parameters: arrow, style, and color.
Please make yourself familiar with this technical indicator and test it first on a demo account.
Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).
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Chart Example
The following chart shows how the Gap Finder Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Gap Finder Forex Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given when the green gap finder arrow appears in the price chart and the market is in an uptrend.
- Open a buy trade and place your stop loss below the most recent swing support.
- Exit the buy trade for a fixed take profit target of your preference.
Sell Signal
- A sell signal is given when the red gap finder arrow appears in the price chart and the market is in a downtrend.
- Open a sell trade and place your stop loss above the most recent swing resistance.
- Exit the sell trade for a fixed take profit target of your preference.
