FVGs & CEs + Alerts: simple & efficient method

2023年3月26日

Fair Value Gap indicator: Paints FVGs and their midlines (CEs). Stops painting when CE is hit, or when fully filled; user choice of threshold. This threshold is also used in the Alert conditions.
~~Plotted here on ES1! (CME), on the 15m timeframe~~

-A FVG represents a 'naked' body where the wicks/tails on either side do not meet. This can be seen as a type of 'gap', which price will have a tendency to want to re-fill (in part or in full).
-The midline (CE, or 'Consequent encroachment') of FVGs also tend to show price sensitivity.
-This indicator paints all FVGs until priced into, and should give an idea of which are more meaningful and which are best ignored (based on context: location, Time of day, market structure, etc).
-This is a simpler and more efficient method of painting Fair value gaps which auto-stop painting when price reaches them.

//Aims of Publishing:
-Education of ICT concepts of Fair Value Gaps and their midlines (CEs): To easily see via forward testing or backtesting, the sensitivity that price shows to these areas & levels.
-Demonstration of a much more efficient way of plotting FVGs which terminate at price, thanks to a modification of @Bjorgums's clever looping method referenced below.

//Settings:
-Toggle on/off upward and downward FVGs independently(blue and orange by default).
-Toggle on/off midline (CE).
-Standard color/line formatting options.
-Choose Threshold: CE of FVG or Full Fill of FVG: This will determine both the 'stop-painting' trigger and the 'Alert' trigger.
-Choose number of days lookback to control how many historical FVGs paint on chart.

//On alerts:
-Simple choice of 2 alerts:
~~One for price crossing into/above the nearest untouched 'premium' FVG above ( orange ). Trigger is user choice of CE or full fill.
~~Another for price crossing into/below the nearest untouched 'discount' FVG below (blue). Trigger is user choice of CE or full fill.
-Alerts set via the three dots in indicator status line.

//Cautionary notes:
-Do not use the alerts blindly to find trades. Wait until you have identified a good FVG above/below which you think price may show sensitivity to
-Usage on very low timeframes can cause unexpected results with alerts: due to new FVGs forming in realtime the Alert will always trigger at the most recent FVG above/ below having its threshold hit.

-Big thank you to Bjorgum for his fantastic extendAndRemove method. Modified here for use with boxes and to integrate Alerts.
-Also Credit to ICT (inner circle trader) for the concepts used here: Fair value gaps and their Consequent Encroachment (CE).

2023年5月31日

リリースノート

-Toggle box to delete filled FVGs & CE lines entirely once filled or threshold crossed (default is OFF)

2023年6月29日

リリースノート

-Added IOFED alerts (insitutional order flow entry drill: ICT concept): Optional alert for when price merely enters FVG (crossing above the low of FVG above, or crossing below the high of FVG below).
--These alerts are unaffected by the indicator dialog box toggle box (unlike the above/below threshold alerts: CE or Full Fill)

2023年11月5日

リリースノート

-Added two more alerts for the simple confirmation of newly formed FVGs (bottom two alerts from the list of six)
-Clarified Alert titles & messages

2023年12月14日

リリースノート

~Added two more simple alerts for UN-Confirmed FVGs. See the dropdown list of alerts. Un-confirmed means you get early alert as soon as FVG forms, NOT waiting for the realtime bar to close and confirm the FVG.

9月1日

リリースノート

Added option to use candle bodies for FVG Mitigation instead of Wicks.
Default is OFF: i.e. use wicks.