OPEN-SOURCE SCRIPT
Inverse FVG with Rejections [TFO]
Updated
This indicator is made to look for Inverse Fair Value Gaps (IFVGs) and show rejections from relevant areas. Fair Value Gaps (FVGs) are created when there is an energetic move that leaves a gap between the preceding and following candle's wicks. When that area is violated, we may consider that area as an Inverse FVG, treating it along the lines of a "support turned resistance" type setup with proper context.
Once a Fair Value Gap (FVG) is found with sufficient user-defined displacement, it is saved until price fully closes through that area, at which point it becomes an IFVG, which is also saved until price once again closes through that area.
Users can select a specific time period from which to look for and save FVGs, such as during the New York trading session in the following example.
Lastly, users can enable rejections that look for swing lows in bullish FVGs/IFVGs and swing highs in bearish FVGs/IFVGs. The following picture shows an instance of rejections from both regular and inverse FVGs, meaning the pivots were formed in a mutually shared area between a FVG and IFVG.
Once a Fair Value Gap (FVG) is found with sufficient user-defined displacement, it is saved until price fully closes through that area, at which point it becomes an IFVG, which is also saved until price once again closes through that area.
Users can select a specific time period from which to look for and save FVGs, such as during the New York trading session in the following example.
Lastly, users can enable rejections that look for swing lows in bullish FVGs/IFVGs and swing highs in bearish FVGs/IFVGs. The following picture shows an instance of rejections from both regular and inverse FVGs, meaning the pivots were formed in a mutually shared area between a FVG and IFVG.
Release Notes
- Added option to select timeframe from which to find FVG / IFVG- Added option to extend FVG boxes to the right or not
Release Notes
- Added alerts for FVG rejections (bull / bear / any, from regular / inverse / both FVG types)- Bug fixes
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.
Disclaimer
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