The Forex Gaps indicator for Metatrader 5 shows bullish and bearish price gaps in a separate chart window.
- A blue colored bar is a bullish price gap.
- A red colored bar is a bearish price gap.
It’s recommended to combine this indicator with other technical tools to pinpoint trade entries accurately.
Don’t trade against the overall trend.
The indicator contains the following inputs and parameters: time frame (current or another), style, color.
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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The following chart shows how the Forex Gaps indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Forex Gaps Indicator?
Find a simple trading example below:
- A buy signal is given when the blue gap bar is shown on the chart and the overall trend is upward.
- Open a buy trade and place your stop loss below technical support.
- Exit the buy trade for a risk/reward ratio of 1:1, or deploy a fixed take profit target of your preference.
- A sell signal is given when the red gap bar is shown on the chart and the overall trend is downward.
- Open a sell trade and place your stop loss above technical resistance.
- Exit the sell trade for a risk/reward ratio of 1:1, or deploy a fixed take profit target of your preference.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Gaps OHLC.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration