OPEN-SOURCE SCRIPT
Bullish Gap Up Detection
This indicator is designed to identify gap-up trading opportunities in real-time. A gap-up occurs when the opening price of a stock is higher than the previous day's high, signaling potential bullish momentum.
Key Features:
Gap Detection: The indicator detects when today’s open is above yesterday’s high and remains above that level throughout the trading session.
Visual Alerts: A triangle shape appears below the price bar when a gap-up condition is met, providing clear visual signals for traders to consider potential entry points.
EMA Analysis: The indicator incorporates two Exponential Moving Averages:
10-day EMA: Used to assess short-term price trends and help determine if the stock is currently in an upward momentum phase.
20-day EMA: Provides additional context for medium-term trends, ensuring that gaps are only considered when the stock is in a favorable trend.
The indicator confirms that the 10-day EMA is above the 20-day EMA, indicating bullish sentiment in the market.
This indicator can be used in various trading strategies to capitalize on momentum following gap-up openings. It’s suitable for day traders and swing traders looking for entry points in trending stocks.
Key Features:
Gap Detection: The indicator detects when today’s open is above yesterday’s high and remains above that level throughout the trading session.
Visual Alerts: A triangle shape appears below the price bar when a gap-up condition is met, providing clear visual signals for traders to consider potential entry points.
EMA Analysis: The indicator incorporates two Exponential Moving Averages:
10-day EMA: Used to assess short-term price trends and help determine if the stock is currently in an upward momentum phase.
20-day EMA: Provides additional context for medium-term trends, ensuring that gaps are only considered when the stock is in a favorable trend.
The indicator confirms that the 10-day EMA is above the 20-day EMA, indicating bullish sentiment in the market.
This indicator can be used in various trading strategies to capitalize on momentum following gap-up openings. It’s suitable for day traders and swing traders looking for entry points in trending stocks.
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