XAUUSD Weekly Gap Indicator (oberlunar)

21 Nov 2024

The XAUUSD Weekly Gap Indicator is a technical tool designed specifically for tracking weekly price gaps in the XAUUSD (gold) market. It identifies and visualizes the price difference between the Friday close and the Monday open, providing valuable insights into market dynamics over the weekend.

Gap Detection:

Measures the price difference between Friday's closing price and Monday's opening price.
Highlights whether the gap is bullish (Monday opens above Friday’s close) or bearish (Monday opens below Friday’s close).
Visualization:

Draws a line or rectangle to connect the Friday close and the Monday open, clearly marking the gap on the chart.
Displays an indicator label with the gap value, often in pips or points, to quantify the gap size.
Color Coding:

Green: Bullish gap (positive price movement).
Red: Bearish gap (negative price movement).



Market Sentiment:

Large gaps can indicate significant market sentiment shifts due to weekend events, such as economic reports or geopolitical news.
Support and Resistance:

Weekly gaps often act as temporary support or resistance levels, as the market may attempt to revisit or "fill" the gap.
Trading Strategies:

Gap Filling: XAUUSD often tends to "fill" these gaps, providing trading opportunities.
Continuation or Reversal: The reaction to the gap can signal whether the trend is likely to continue or reverse.

23 Nov 2024

Nota Keluaran

The script "WeeklyGap v2 [FinancialPoint] (by Oberlunar)" calculates and visualizes the weekly price gap between Friday's close and Monday's open. It displays the gap size with dynamic labels and visual circles, color-coded and scaled based on the gap magnitude. Key Monday prices, such as the first open and last close, are tracked and displayed.

Minor bugs have been fixed for improved accuracy and performance.

16 Dis 2024

Nota Keluaran

update for parameter control and daily gap (when the market is closed)