Can anyone explain Fair Value Gaps? In a succinct way? That would be great.

There are a lot of helpful videos out there on FVGs. I don't know I am the best explainer, but I think in simple terms many agree on is that the asset price moving through a certain zone without any pullback in the opposite direction creates that "gap" - where the buyers for example were so eager they pushed the price quickly past the sellers - so one can expect buyers to still be "waiting there to buy again" if it comes back. That's how I use it in my evaluation, anyhow. Perhaps others can contribute more detail or other opinions.

TomTownsend has good points. I would also say that fair value gaps occur most often in the opposite direction of the trend. If the ES is pushing highs at 4280 and pulls back to 4277 a fair value gap often forms to the downside where the price gaps down 3-6 ticks where there is no trades in the middle. Why does a fair value gap occur in the opposite direction of the trend. I believe, if the price is pushing highs for example, there is ample liquidity to the upside and less liquidity below the last price creating an imbalance to the downside. A lot of times the market will fill this gap with volume where it gapped. This is what I have observed after years of watching the DOM/price ladder.

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