Oops Gap Reversal Marker
The "Oops" pattern is a documented Larry Williams setup: when a bar opens beyond the previous bar's high or low - a gap through the edge of the prior range - and then trades back through that same level before the bar closes, the gap has failed, and the failure itself is read as the signal. A bullish Oops opens below the prior low and then trades back above it; a bearish Oops opens above the prior high and then trades back below it. The published rule is explicitly same-session: the reversal has to happen within the SAME bar the gap opened on, not "at some point over the next few bars." A common shortcut is to instead wait for a later bar's close to cross back through the level, which is a different (weaker) test and marks a different, later bar. This indicator only marks a bar where the gap-through and the reversal-back both happen intrabar, on that bar's own high/low - matching the original same-session definition. It is a pure pattern marker: once a bar closes, its high and low are final, so a marked bar never repaints or gets un-marked later. Notes and limitations Because the reversal must complete within the same bar as the gap, this pattern is inherently rare on trending, low-noise instruments and more common around news-driven gaps. It does not filter by gap size, so a one-point technical "gap" through the prior extreme on a very liquid pair will qualify exactly like a large news gap - add a manual minimum-gap check if that distinction matters for a particular symbol. No trend, volume, or session filter is applied.
Indicator · MT5 · v1.0 · Free
About Oops Gap Reversal Marker
Oops Gap Reversal Marker is an indicator for MetaTrader 5. It draws buy and sell arrows on the chart and can alert you with a pop-up, sound, email or push message. It has 1 setting, such as Alerts. MQL source code included.
Files in the download: OopsGapReversalMarker.ex5, OopsGapReversalMarker.mq5, OopsGapReversalMarker.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Alerts | true | Alert once per closed bar on a new confirmed Oops |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 5 open File → Open Data Folder, then go to MQL5 → Indicators.
- Copy the .mq5 file(s) there. Put any .mqh files in MQL5 → Include.
- Open the .mq5 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: Buy/Sell Arrows · Alerts · MT5 Indicator · MQL5 Source Code