This indicator displays gaps on a chart within a specified range which have not been filled. It offers the ability to set the minimum gap size to detect as a multiple of the average true range (ATR), as well as the allowed distance from a gap fill for the gap to be considered filled. The use of ATR allows the gap threshold to dynamically change as the stock price and volatility change over time. Lastly, it offers the ability to show gaps which have been filled in addition to unfilled gaps.
The following describes each input's effect on the indicator.
Bars to Search Back: specifies how many bars back in the chart to search for gaps and gap fills (maximum 5000).
ATR Length: specifies the length of the ATR() function used for thresholding
Minimum ATR Multiple For Gap Detection: The minimum gap size as a multiple of the ATR
Minimum ATR Multiple For Gap Fill: The minimum distance between a bar high/low and a gap for it to be considered "filled" as a multiple of ATR
Great indicator and thanks for sharing. Sometimes the indicator misses some really obvious gaps (i.e. complete holes in the chart), do you know why that happens?
seancsnm
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@FaisalMahboobe3, Can you post an example and the settings you used so I can check it out? I haven't used this indicator very much so there are likely bugs that I haven't had the chance to see.
Poodie
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Once Futures unfilled gap down is identified, how to determine when it will fill ?