Mind the GAP! (Automatic Intraday GAP Overnight) | by Octopu$

🤏 Mind the GAP! (Automatic Intraday GAP Overnight) | by Octopu$

Gaps are areas on a chart where the price of a stock moves sharply up or down, with little or no trading in between.
When it happens overnight (not considering Extended Hours), it is just considered as Price Level, for possible revisit.

A Gap is defined when the Open current Candle is Higher or Lower than the Close of the Last Candle:
When the Open of the current Candle is Higher than the Close of the Last Candle it is considered a Gap UP;
When the Open of the current Candle is Lower than the Close of the Last Candle it is considered a Gap DOWN;

Something interesting about Gap is that:
1. The Price Action can travel fast between these levels (Volatility);
2. One (or both) of these levels (Hi/Lo) can act as Support (or Breakout);
3. One (or both) of these levels (Hi/Lo) can act as Resistance (or Breakout).

This Indicator includes these Gaps added Automatically to your Chart.

It is also built-in with a Shadow between the lines for easy visualization.
Colors are also customizable and the Lines are also editable according t your preferences.

Any Time Frame. Any Ticker.

(Using SPY 5m just as an example:)

www.tradingview.com/chart/Nk9RhGET/

SPY

Features:

• Identifies Gaps on MC/MO
• Automatically adds Lines to these levels
• Includes shadow for easy visualization

Options:

• Customizable: Colors and Lines
• On/Off Switches for the Levels
• Show/Hide Previous Days

Notes:

v1.0
Indicator release

Changes and updates can come in the future for additional functionalities or per requests.
Did you like it? Boost it. Shoot a message! I'd appreciate if you dropped by to say thanks.

- Octopu$

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Versionsinformation:

Updates

Versionsinformation:

First update
+Positioning
Clean code

Versionsinformation:

v5 Update

Versionsinformation:

Coloring