Gap Zones

17 באוק׳ 2022

Sharing a simple gap zone identifier, simply detects gap up/down areas and plots them for visual reference. Calculation uses new candle open compared to previous candle close and draws the zone, a mid point is plotted also as far too often it's significance is proven effective.

Works on any timeframe and market though I recommend utilizing timeframes such as weekly or daily for viewing at lower timeframes such as 5, 15 or 30 minutes.

Often price is observed reaching towards zone high/mid/low before rejection/bouncing. These gap zones can give quantitative basis for trade management.

Future features may include alerts based on price crossing up/down gap low, mid and highs. Feel free to message with any other suggestions.

6 בנוב׳ 2022

הערות שחרור

• Simplified color settings
  

15 בדצמ׳ 2024

הערות שחרור

Big update for gap zone users for the final weeks of 2024 :)

Adjustments:

• Code rewrite to support multiple timeframes
  
• Cross timeframe overlap detection
  
• Better label placement
  

It shouldn't be necessary to run multiple instances of this indicator to see day, week and month gaps simultaneously and now if on a Monday there's a new week and day gap it'll just print the week gap given the daily gap would be exact same size.