This script finds BPR's, which some simply refer to as a "double Fair Value Gap" (FVG). In a BPR, there is an overlapping vertical area between a recent bullish and bearish FVG. You may tune the parameters to filter out smaller FVG's or BPR's, as well as how far back the indicator must look to find a matching pair.
Release Notes
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Two updates:
1. You can edit the color used to draw the BPR boxes 2. New "Only Clean BPR" setting that, when checked, doesn't show BPR's when price interferes with the range prior to its creation. Leaving it off will show all BPR's regardless of how price traded in between the bearish and bullish FVG's
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Updating the chart image
Release Notes
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Fixed minor issue with the last update regarding "Only Clean BPR" setting
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Updated the threshold values such that:
1. The default value is 0 for both, that way all BPR's will show (to avoid confusion for new users) 2. Valid FVG's and BPR's will be considered if their range is greater than *or equal to* the threshold value, instead of greater than
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Two updates:
1. You can now add alerts that will tell you when a new BPR is created 2. New "Delete Old BPR" setting that, when enabled, will delete all old BPR's that have been invalidated or overwritten
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Edited alert function so that users can edit the message sent when a new BPR is created
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Fixed an issue where BPR's were being created and alerted before the following candle had a chance to invalidate the range (needed to delay bear/bull signals by one bar)
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Removed the FVG threshold to avoid confusion. All FVGs will now be considered for a potential BPR
Really helpful. It generated really good result from backtesting (manual). Appreciate your effort mate.
Salix_M
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HI, Great indicator and many thanks for releasing this to the community! question: do you know how to extend the boxes until they get invalidated? for example, see 30min chart from today 10/11/22. high of the day is exactly bottom of the red box on 30min chart (formed before market open on 10/10/22), but the box not extended into today from yesterday origin. Thank you!!
itsy
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This does not work on XAUUSD. Any chance it can be amended to work on fx pairs outside of futures?
tradeforopp
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@itsy, it works for forex, you just have to set the thresholds to zero or some very small number that's suitable for the low price of forex pairs
TRSTNGLRD
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This is freaking awesome, it's working flawlessly!
For efficiency purposes, I did just want to add one little, minor suggestion to make it more malleable for others' use case: Simply, BPR data is always displayed under the "Current Timeframe". Many find themselves specifically using BPR's on higher Timeframes, but may enter on lower timeframes. Hence, a beautiful addition would be an input for the current Timeframe. This way, users can just edit the visibility settings themself, and add another indicator if they want multiple.
Again, gorgeous script. Looking forward to playing around with it some more! It's very original and I think you're the only one with a script of this kind - congratulations!
tradeforopp
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@TRSTNGLRD, that's something I'm currently looking to integrate - thanks for the suggestion! Glad you like it!
It generated really good result from backtesting (manual).
Appreciate your effort mate.