Fair Value Gap Screener

The Fair Value Gap Screener tool provides real-time information about the latest Fair Value Gaps across up to five different tickers. It allows traders to monitor market imbalances and key FVG metrics like retests, consumption levels, and volume directly from a centralized dashboard.

Usage

The indicator displays a screener table on the chart showing data for five selected symbols. It identifies the most recent FVG for each ticker and provides the following real-time data:

• Status: Indicates if the current price is "Far" from the zone, "Approaching" (with direction), or "Inside" the FVG.
• Retests: Tracks how many times price has touched or tested the zone without invalidating it.
• Consumed %: Shows the percentage of the FVG zone that has been breached by price action. For example, if price reaches the midpoint of a bearish FVG, it is marked as 50% consumed.
• Volume: Breaks down the bullish and bearish volume associated with the bars that formed the gap.

Details

A Fair Value Gap (FVG) occurs when there is an imbalance between buying and selling pressure, resulting in a gap between the wick of the first bar and the wick of the third bar in a three-bar sequence.

• Consumption Logic: The screener calculates consumption based on how deep the price (wick or close) has penetrated the FVG zone.
• Volume Analysis: For a bullish FVG, the bullish volume is the sum of the first two bars, while the bearish volume is taken from the third bar that confirms the gap.
• Filtering: The algorithm can filter out minor gaps using an Average Range calculation or a specific Volume Threshold to ensure only significant imbalances are highlighted.

Settings

• Tickers: Configure up to 5 individual tickers and their respective timeframes for the screener to monitor.
• Zone Invalidation: Choose whether a FVG is considered invalidated based on a "Wick" or a "Close" price breach.
• Zone Filtering: Select "Average Range" to find gaps relative to recent volatility or "Volume Threshold %" to filter for high-volume imbalances.
• FVG Detection: "Same Type" requires all three bars to be the same direction (e.g., all bullish); "All" allows for mixed bar types.
• Detection Sensitivity: Adjust between Low, Normal, High, or Extreme to determine the minimum size of the gaps being detected.

FAQ

• How do I access the Fair Value Gap Screener? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
• Can I monitor different timeframes in the same screener? Yes, each of the five tickers can be set to a custom timeframe, provided the timeframe is equal to or higher than the current chart timeframe.
• What does "Consumed %" mean? It represents how much of the FVG price range has been entered by subsequent price action. A higher percentage suggests the imbalance is being filled.