OPEN-SOURCE SCRIPT
FVG Oscillator (OmegaTools) / Owl of Profit remake
FVG Oscillator (OmegaTools)
Big thanks to OmegaTools for providing this strategy and making it available under the Mozilla Public License 2.0! This Pine Script™ code is subject to the terms of the license at mozilla.org/MPL/2.0/.
This strategy leverages Fair Value Gaps (FVG) to detect potential bullish and bearish trading opportunities, combining price gaps and volume analysis for precision.
Features:
FVG Detection:
Bullish FVG (BFVG): Identifies price gaps with upward momentum.
Bearish FVG (SFVG): Identifies price gaps with downward momentum.
Additional Conditions:
Requires confirmation via volume or significant gap size.
Dynamic Count:
Tracks bullish and bearish FVG counts over a customizable 50-bar lookback period.
Normalized Gap Values:
Displays weighted bullish and bearish FVG patterns for better visualization.
Entry and Exit Logic:
Buy Signal: Triggered when a bullish FVG meets verification criteria (volume or significant gap).
Sell Signal: Triggered when a bearish FVG meets verification criteria.
Automatic position management ensures existing positions are closed before entering new ones.
Visualization:
Plots bullish and bearish FVG counts and highlights areas above and below zero.
Displays normalized gap widths as histograms for both long and short patterns.
This strategy provides a robust framework for detecting and trading fair value gaps, making it ideal for traders seeking a gap-based methodology. Use it for backtesting or customize it further for your trading style.
Visit my website for more tools and strategies: bybitindicators.com
Happy trading!
Big thanks to OmegaTools for providing this strategy and making it available under the Mozilla Public License 2.0! This Pine Script™ code is subject to the terms of the license at mozilla.org/MPL/2.0/.
This strategy leverages Fair Value Gaps (FVG) to detect potential bullish and bearish trading opportunities, combining price gaps and volume analysis for precision.
Features:
FVG Detection:
Bullish FVG (BFVG): Identifies price gaps with upward momentum.
Bearish FVG (SFVG): Identifies price gaps with downward momentum.
Additional Conditions:
Requires confirmation via volume or significant gap size.
Dynamic Count:
Tracks bullish and bearish FVG counts over a customizable 50-bar lookback period.
Normalized Gap Values:
Displays weighted bullish and bearish FVG patterns for better visualization.
Entry and Exit Logic:
Buy Signal: Triggered when a bullish FVG meets verification criteria (volume or significant gap).
Sell Signal: Triggered when a bearish FVG meets verification criteria.
Automatic position management ensures existing positions are closed before entering new ones.
Visualization:
Plots bullish and bearish FVG counts and highlights areas above and below zero.
Displays normalized gap widths as histograms for both long and short patterns.
This strategy provides a robust framework for detecting and trading fair value gaps, making it ideal for traders seeking a gap-based methodology. Use it for backtesting or customize it further for your trading style.
Visit my website for more tools and strategies: bybitindicators.com
Happy trading!
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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