IFVG Extended

This indicator identifies and visualizes "Imbalance Fair Value Gaps" (IFVGs) on a price chart. It highlights these gaps, tracks their evolution, and signals when they are "filled" or "invalidated" by price action. The script is quite advanced, using custom types, arrays, and dynamic drawing.

1. Types and Variables

Custom Types:
lab: Stores label information (x, y, direction).
fvg: Stores Fair Value Gap data, including its boundaries, direction, state, labels, and other properties.
Arrays:
Four arrays track bullish and bearish FVGs, and their "invalidated" (filled) versions.
Signals:
Boolean variables to store if a bullish or bearish signal is triggered.

2. User Inputs and Parameters

Display Settings:
How many recent FVGs to show, signal preference (close or wick), ATR multiplier for gap size filtering, and colors for bullish/bearish/midline.

3. Chart Data

Price Data:
Open, high, low, close, and ATR (Average True Range) are stored for use in calculations.

4. Functions

label_maker:
Draws an up or down arrow label at a given point, colored for bullish or bearish.
fvg_manage:
Checks if any FVGs in the array have been "invalidated" (i.e., price has crossed their boundary). If so, moves them to the invalidated array.
inv_manage:
Manages invalidated FVGs, checking if a signal should be fired (i.e., price has reacted to the gap). Also removes old FVGs.
send_it:
Draws the FVGs and their labels on the chart, using boxes and lines for visualization.

5. Main Logic and Visualization

FVG Detection:
On each bar, checks for new bullish or bearish FVGs based on price action and ATR filter.
Adds new FVGs to the appropriate array.
FVG Management:
Updates the arrays, moves invalidated FVGs, and checks for signals.
Drawing:
On the last bar, clears all previous drawings and redraws the current FVGs and their labels.

6. Alerts

Alert Conditions:
Sets up alerts for when a bullish or bearish IFVG signal is triggered, so users can be notified.

Summary

In short:
This script automatically finds and tracks "Imbalance Fair Value Gaps" on your chart, highlights them, and alerts you when price interacts with them in a significant way. It uses advanced Pine Script features to manage and visualize these zones dynamically, helping traders spot potential reversal or continuation points based on gap theory