This gap indicator shows the price of your chosen instrument as if no gaps had occurred overnight. It can be especially useful on highly-volatile exchange-listed instruments that track other 24/7 assets, because the normal candlestick chart of these instruments will create a large amount of noise that may decrease the accuracy of your indicators or make the trend harder to see.
Gaps are determined with the following code:
Whereas the gap value is determined by taking the overnight difference in prices:
The gap changes are cumulatively added and subtracted from the initial closing price to create the gap-adjusted price. The price will depend on how many bars your subscription allows, so pay more attention to the relative differences and/or trend than the cumulative gap-adjusted price itself.
The gap indicator comes pre-built with normal candlestick and Heikin-Ashi candle types, and four indicators (two EMAs, Bollinger bands, and a supertrend). All elements are configurable.
Gaps are determined with the following code:
daychange = ta.change(dayofmonth)
gapup = daychange and open > math.max(open,close)[1]
gapdown = daychange and open < math.min(open,close)[1]Whereas the gap value is determined by taking the overnight difference in prices:
downgap_change = math.min(open,close)[1] - open
upgap_change = open - math.max(open,close)[1]The gap changes are cumulatively added and subtracted from the initial closing price to create the gap-adjusted price. The price will depend on how many bars your subscription allows, so pay more attention to the relative differences and/or trend than the cumulative gap-adjusted price itself.
The gap indicator comes pre-built with normal candlestick and Heikin-Ashi candle types, and four indicators (two EMAs, Bollinger bands, and a supertrend). All elements are configurable.
FAQ: I am gradually phasing out my Patreon because of the time it takes to maintain.
Test my strategies on CryptoRobotics: cryptorobotics.co/?trade=f23b09
Test my strategies on CryptoRobotics: cryptorobotics.co/?trade=f23b09