See the whole picture with daily gap levels and analysis on intraday charts with custom trading hours enabled

v10.3
See the whole picture with daily gap levels and analysis on intraday charts with custom trading  ...

It’s easy to get lost in the sea of indicators and strategies out there, but one thing that is frequently overlooked these days is the simple gap. Often this gives us a great steer as to market direction from the open, especially if the market is at important support/resistance or in ‘overbought’/’oversold’ territory. The DAX seems to be particularly ripe for gap trading.

My code considers not just today’s gap (relative to yesterday’s close), but the previous three days’. It’s up to you to decide how likely it is that each gap will fill (I wish I could write some code that could assist here, but suspect this is beyond the current scope of PRT – ideas welcome), but I think it’s quite neat to have these levels preloaded on your chart as you prepare for the day ahead.

The code gives you the ability to change the trading hours, which I think is important, though I also believe that the markets seem to respect 8am London time (9am CET) as the ‘official’ open and 4.35pm London time (5.35pm CET) as the ‘official’ close on which gaps are evaluated so for instance if the market continues to drift lower in the evening session and then then opens at a similar level the following day, it will still tend to seek out the 4.35pm close from the previous day even though the charts will show there is no gap per se. As I am based in the UK, those users in other timezones will have to adapt the respective times in the code to their own timezone.

Why not just use DOpen, DHigh, DLow, DClose with custom trading hours you may ask? Because it occurred to me yesterday (I may be mistaken) that even when you play around with the trading hours, the DOpen/High/Low/Close values remain the same, i.e. they reflect the respective values over the entire 24-hour session, or maybe it’s because I didn’t tick the ‘Apply settings above to non-intraday timeframes’. Anyway I feel more confident using my manually coded versions…

Please feel free to suggest how to expand/improve the code.

 

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  1. JOKAMAURICE • 331 days ago #

    Thank you but I don’t really understand. The values don’t fit with what I see on my chart. I don’t understand why I see at the opening an upside and downside gap.

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