Free Fair Value Gap indicator for Quantower
A free indicator that marks fair value gaps on a Quantower chart. A gap confirms only when three candles rise or fall, the gap is at least the minimum size, and the third candle's close lies between the second candle's high and close. It draws each confirmed gap until price comes back into it, and it can alert you when that happens. It never places an order.
- Version
- v1.3
- Build date
- 2026-10-26
- Download
- FairValueGap-Quantower-v1.3.zip (18 KB)
The zip contains FairValueGap.dll and a README. Source code is not included.
Use at your own risk. This indicator is free and provided as is, with no warranty. It is not financial advice. It only draws on the chart and never places orders.
What it does
It reads three consecutive candles. A gap is confirmed only when every rule below holds. Bullish and bearish gaps use the same close test.
- Three candles: three rising candles for a bullish gap, or three falling candles for a bearish gap.
- Size:the gap is at least Min gap (ticks). The default minimum is 8 ticks. For a bullish gap, the third candle's low is that far above the first candle's high. For a bearish gap, the third candle's high is that far below the first candle's low.
- Close:the third candle's close lies between the second candle's high and close, including both ends: min(high2, close2) ≤ close3 ≤ max(high2, close2).
Each gap is a semi-transparent box from the first candle to the right. When price returns into the gap, the box ends and turns grey, so open gaps stand out.
While the third candle is still forming, the same rules are checked with the live close of that candle. When they hold, a lighter box with a dashed border is drawn. If the live close leaves the range between the second candle's high and close, the box disappears. When the candle closes, the box is confirmed or it disappears.
Alerts can fire for a new confirmed gap, the first return of price into a gap, and, if you turn it on, a forming gap. Each alert is written to the Quantower Event Log, shown as a Quantower alert, and played as a .wav sound. Historical candles do not alert.
Key settings
The close rule is always on. It is not a setting. Min gap (ticks) only sets the minimum size.
- Min gap (ticks): 8 (default)
- Show bullish gaps and Show bearish gaps: both on (default)
- Bullish color, Bearish color, Filled color, and Opacity (0-255)
- Show filled gaps and Max boxes: 200 (default)
- Alert: new gap and Alert: return into gap
- Platform alert (Core.Alert), Play sound, and the .wav paths (default
C:\Windows\Media\Windows Notify.wavandC:\Windows\Media\Windows Ding.wav) - Show forming gap (candle 3 open): on (default), with Forming bullish color, Forming bearish color, and Forming opacity (0-255)
- Alert: forming gap: off (default), with its own .wav path
Requirements
Quantower built on .NET 10. This build targets net10.0-windows and is compiled against TradingPlatform.BusinessLayer.dll from Quantower 1.146.18. It will not load on older Quantower versions that run on .NET 8. Windows only, the same as Quantower. No other dependencies.
Tested live on MESZ6.
Install
- Close Quantower.
- Copy FairValueGap.dll into
C:\Quantower\Settings\Scripts\Indicators\(or<Quantower folder>\Settings\Scripts\Indicators\). If that file is already there, overwrite it. - Start Quantower and open a chart.
- Click the "fx" (Indicators) button, search for Fair Value Gap, and click OK.
Update
Close Quantower, overwrite FairValueGap.dll in C:\Quantower\Settings\Scripts\Indicators\, and start Quantower again.
