This script plots gaps between candles. It uses the "round_to_mintick" feature in the Pinescript code, so it works on any instrument out to 3 decimal places. If there is a Gap Up (open of current candle is greater than the close of previous candle) it will plot a green arrow under the current candle and plot a label above the current candle to show the Gap Amount. If there is a Gap Down (open of current candle is less than the close of previous candle) it will plot a red arrow over the current candle and plot a label below the current candle to show the Gap Amount. You can turn the label and/or the arrow on and off.
I created this indicator to more easily identify gaps in the market. The probability of a gap being filled is extremely high. Some are right away (intraday candle to candle), some take a while (gap from previous day close to current day open), and some make take a long time (close at end of previous week to open at beginning of current week).
This is published free to use and open source code.
Best part is this is , variable = GapAmount ,This allows to set up value as per instrument as few index has large gaps < or > 10+ as compared to few stocks having less gaps even < 1 ..It will be great addition if gap filled condition/Alert is added.
NorthStarDayTrading
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@pankul55555, Thanks for your comment. I appreciate it!