The indicator plots levels which can act as magnets to price. The levels are gap areas which are used within the ICT (The Inner Circle Trader) trading system.
The indicator plots 5 areas of interest:
1: Daily Volume Imbalances - Referencing the Daily chart, boxes are calculated from close to open between all candles. Candles which have only 'wicks' between the close and open prices are considered 'volume imbalances. The boxes can then be shown on LTFs to aid in decision making for intraday traders. Imbalances can be limited to a maximum amount shown and mitigated imbalances can be removed from the chart. All colors can be customised.
Volume Imbalance example:
2: NWOG - New Week Opening Gap - Plotted from Friday Close at 1659 to Sunday Opening at 1800 (EST). The current NWOG can be displayed on its own, or previous weeks can also be shown (ICT recommends the previous 4 weeks also). Boxes are plotted with a midline and all colors can be customised.
New Week Opening Gaps example:
3. NDOG - New Day Opening Gaps - Plotted from day close at 1659 (EST) to restart at 1800 (EST). All colors can be customised. These gaps can be very small so line widths of 3+ are recommended if the lines are to be seen on HTFs
New Day Opening Gap example:
4. New Opening Gap - Plotted from close at 1659 to Session open at 0930 (EST). These areas can possibly be closed/filled after opening at some time. The indicator will draw box to the right of price which shows if the Opening Gap is UP or DOWN. The box will change color to show up or down, or text alone can be used instead of the box. All colors can be customised.
New Opening Gap Box example:
5. 0930 Opening Line - Draws a horizontal line from the opening price at 0930 (EST) to the last bar on the chart. This is the level used to calculate the New Opening Gap. All colors can be customised.
0930 Opening Line example:
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chart update
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0930 Opening Gap Box updated to reference 1600 closing time. Function name changed from '0930 Opening Gap Box ' to 'RTH Opening Gap Box'
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added style and width options to NWOG midlines
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All box and line styles can be customised.
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Default value for previous NWOG changed from 4 to 10
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Added option to set different background color for current NWOG.
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Added option for RTH session opening. 1600, 1610 or 1614 Added price lines and labels for RTH opening to help identify which session opening time the user prefers to use Timezone settings for all functions
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Option to not display RTH opening gap box before 0930 opening. Custom settings
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Added function to show NDOG history
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Show symbol to ID most recent NDOG. Price label option for H/L of NWOG.
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Fix error with 0930 opening line
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Updated RTH gap section to allow previous gaps to be displayed.
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Added NMOGs Updated RTH section with 25% 75% levels and option for box projection
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added option to show deviations from the RTH gaps. levels shown are 1, 2, 2.5, 3, 4.
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Added timezone option 'America/New_York' as default. fixes issue with RTH gap displaying incorrectly when daylight savings change in US.
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Added symbol option to identify current opening gaps. Added NDOG midline.
Hey Malk - Thanks for the Great Indicator. - Just wanted to ask you if there can be an option setup in the indicator to Select the NWOG, NDOG, Opening Range Gap - have 20/40/60 Day look back selection or date range selection.
malk1903
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@blissvanuatu, you mean limit the gaps based on date range..like only show for the past 40 days or 60 days?
blissvanuatu
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@malk1903, yes, based on IPDA 20-40-60 Day Lookback referring to the last 20, 40, and 60 trading days - with also an option to toggle them On and Off.
decimalRock78002
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Hey MK - I think NWOG is not calculating correctly! Just had a chart I posted called out and looking into it, it does appear to be off! Just letting you know.
@malk1903, it does not seem to be pulling the correct closing prices for NWOG, compared to just turning off ETH and where the candle closes were on the 1m!
decimalRock78002
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@decimalRock78002, Then again, I may have the logic completely wrong. I think the script is using 5 - 6pm gap rather than 4:15 to 6pm, so that might just be myself getting mixed up!!
decimalRock78002
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@malk1903 however, on the 1m chart this week's NWOG on NQ doesn't look aligned to either of those! I am confused.
malk1903
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@decimalRock78002, hi, the NWOGs should be the last close on friday to first open on sunday. ..these levels wont change when going from ETH to RTH. the you have RTH opening gaps which are from 1614-1700 each day, and NDOGs are last close each day to first open at 1700. NDOGs are same as NWOG, but NWOG is friday to sunday NDOG are the other day to day gaps. I just checked this weeks NWOG on lots of timeframes to make sure it was always last open to first close, you can check this with ETH....it seems to be fine?
decimalRock78002
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@malk1903, understood r.e. the RTH opening gaps - I guess what I am saying is the NWOG I have currently for NQ does not start at c. 76 and end at c. 80/81. It starts at 69/70 and ends at 80/81. The bottom does not appear to reference the 17:00 close. I will try removing and readding.