CandelaCharts - NWOG & NDOG

📝 Overview

In trading, opening gaps aren’t just noise—they’re clues. Two key ones are the New Week Opening Gap (NWOG) and the New Day Opening Gap (NDOG).

The NWOG forms between Friday’s close (5 PM EST) and Sunday’s open (6 PM EST). It often acts as a magnet—price tends to revisit it, sometimes days or even weeks later. The NDOG is the daily version, showing imbalances at the start of each session.

Between two NWOGs, the Event Horizon (EH)—the midpoint—often becomes a pull for price. When the price hits it, there's a good chance it keeps moving toward the next gap.

I also watch the Optimal Trade Entry (OTE) zones, usually around the 0.68–0.79 retracements between NWOGs. These levels often line up with institutional interest and make solid spots for entries.

To simplify all this, I use an indicator that automatically detects NWOGs and NDOGs, then plots the EH and OTE levels in real time. No manual drawing. Just clean, updated levels every week.

These gaps and their derived levels help map where price is likely to go—and when to act.

📦 Features

• MTF
  
• Mitigation
  
• Consequent Encroachment
  
• Threshold
  
• Hide Overlap
  
• Advanced Styling
  

⚙️ Settings

• Show: Controls whether NWOG/NDOG gaps are displayed on the chart.
  
• Show Last: Sets the number of NWOG/NDOG you want to display.
  
• Length: Determines the length of each NWOG/NDOG.
  
• Mitigation: Highlights when an NWOG/NDOG has been touched, using a different color without marking it as invalid.
  
• Timeframe: Specifies the timeframe used to detect NWOG/NDOGs.
  
• Threshold: Sets the minimum gap size required for NWOG/NDOG detection on the chart.
  
• Event Horizon: Controls whether EHs are displayed on the chart.
  
• Show Mid-Line: Configures the midpoint line's width and style within the NWOG/NDOG. (Consequent Encroachment - CE)
  
• Show Border: Defines the border width and line style of the NWOG/NDOG.
  
• Hide Overlap: Removes overlapping NWOG/NDOG from view.
  
• Extend: Extends the NWOG/NDOG length to the current candle.
  
• Elongate: Fully extends the NWOG/NDOG length to the right side of the chart.
  

⚡️ Showcase

Simple

Mitigated

Bordered

Consequent Encroachment

Extended

Event Horizon


🚨 Alerts

This script provides alert options for all signals.

Bearish Signal

A bearish signal is triggered if the price enters a bearish NWOG/NDOG zone.

Bullish Signal

A bullish signal is triggered if the price enters a bullish NWOG/NDOG zone.

⚠️ Disclaimer

Trading involves significant risk, and many participants may incur losses. The content on this site is not intended as financial advice and should not be interpreted as such. Decisions to buy, sell, hold, or trade securities, commodities, or other financial instruments carry inherent risks and are best made with guidance from qualified financial professionals. Past performance is not indicative of future results.