ICT NWOG/NDOG [Source Code] (fadi)

22 oct 2023

New Week Opening Gap (NWOG) and New Day Opening Gap (NDOG) are areas on the chart where price tend to react to and has the potential of moving from one gap to the next. These gaps can act as support and resistance zones where price can bounce of, or go through and retest. Areas of interest are the high, low, the Consequent Encroachment (C.E.), which is the middle between high and low of each gap.

Event Horizon is the 50% distance between two NWOGs and price tend to react to, and could act as Premium/ Discount between two NWOGs.

New Week Opening Gap (NWOG)
The difference between Friday close, and Sunday open. Consequent Encroachment (C.E.) is the area between two NWOGs.

Settings NWOG
- The Colors in the form of Current/Previous and line style for NWOG
- Background color to use for Current/Previous
- Number of NWOGs to use by the indicator (ICT recommends using minimum of 5)
- Extend Configuration:
-- Always Extend all NWOGs
-- Above and below only Shows the immediate two NWOGs that are above and below current price. These two NWOGs are recalculated as price moves
-- Any that is near current price Any NWOG that is near the current price, this can result in multiple NWOGs being displayed, with some overlapping
- Event Horizon only applicable when using the "Above and below only settings"
-- Show Date label and type of gap


New Day Opening Gap (NDOG)
The difference between Yesterday's close and Today's open.

Settings NDOG
- The Colors in the form of Current/Previous and line style for NDOG
- Background color to use for Current/Previous
- Number of NDOGs to use by the indicator, default is 1 but price tend to react to previous ones as well
- Extend Configuration:
-- Always Extend all NDOGs
-- Above and below only Shows the immediate two NDOGs that are above and below current price. These two NDOGs are recalculated as price moves
-- Any that is near current price Any NDOG that is near the current price, this can result in multiple NDOGs being displayed, with some overlapping
-- Show Date label and type of gap

Other Settings
Number of candles to use in calculation is used to calculate the size of the candles in order to derive the distance from current price. If current candle sizes is more important than over longer period of time then use 14 or near that number
Factor multiplier for distance test is the number above times X value. Lower timeframes require a higher number than a larger timeframe. If day trading, a value between 10 and 20 is probably best. If swing trading, a value between 5 and 10 is probably best.
Buffer How many candles beyond current price to extend the gaps by. this is helpful to provide cleaner view of the price action

1 sept

Notas de prensa

Update:
- Rolled back the display change made in the last update, high and low of gaps is now simple lines with optional background fill
- If there is room, the label will show the high and low of the gap. Otherwise it will be one label in the middle
- If NWOG is enabled, the Sunday NDOG will be hidden to prevent the overlapping of the zones
- now the gaps will only show up in intraday timeframes to declutter the chart on higher timeframes
- Cleaned up the code a little

1 sept

Notas de prensa

Changed the default number of NDOG from 1 to 5

16 sept

Notas de prensa

FIX:
- Fixed the date to reflect the correct trading date

16 sept

Notas de prensa

Fix: fixed new issue caused by previous fix which caused incorrect starting point for the gap

25 sept

Notas de prensa

Update:
- Added NDOG Regular Trading Hours (RTH) Gaps to the chart. RTH gaps are from 4:14pm to 6pm.
- Renamed the previous NDOG to NDOG ETH. ETH is from 5:00pm to 6pm.
- Changed the logic of calculating the gaps to use Security request, which allows the script to show the gaps on 1 minute and lower

30 sept

Notas de prensa

Update:

Rolled back A change for NWOG that caused the wrong gap levels to be displayed. This change will also undo the fix for 1m NWOG display.