spacemanbtc

Fair Value Gap

█ OVERVIEW

This indicator displays the Fair Value Gap of the current timeframe and an additional higher timeframe. For each FVG the gaps act as targets creating bullish and bearish gaps that are often filled.

█ FEATURES

  • MTF Options
  • MidPoint FIll
  • Delete Old On Fill
  • Label FVG Timeframe

MTF Options
Enabling the MTF Options will allow the user to use the "MTF Timeframe" setting to choose what HTF Fair Value Gap to display

MidPoint FIll
A line plot at the Half way point will be included in the Fair Value Gap, this will be used to delete the gap when reached instead of a full fill.

Delete Old On Fill
Deletes historical Fair Value Gaps when filled.
Label FVG Timeframe
Labels Every Fair Value gap with there relevant timeframe to make it easier to determine which gap is being filled.

█ HOW TO USE IT

The indicator is quite straight forward in its application, providing users with targets that are often filled as they are seen as market imbalance.
Just applying it to your chart will provide the existing Fair Value Gaps. MTF Confluence is helpful in seeing what is happening on the macro perspective.

█ SUGGESTION

My suggestion for clarity is to use a different color to some degree between the MTF and Current TF as Opposed to text, keeps the chart clear.

█ LIMITATIONS OF PINE (Please read)

I see many users going on different indicators with MTF in mind and trying to use it for LTF data e.g. 1hour chart, and selecting 5min in chart settings.
This is not recommended by the team themselves and should be noted for use always use HTF: https://www.tradingview.com/pine-script-docs/en/v4/essential/Context_switching_the_security_function.html

To understand how to use fair value gaps I recommend learning about the subject some more, searching online will provide you resources. The internet is your friend when learning. All the best.
版本注释: Updated chart with labels as default for users

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开源脚本

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