OPG Indicator

This indicator calculates the Opening Price Gap (OPG) between yesterday's close and today's open.

If the OPG is smaller than -0.03%, open a long position with take profit at yesterday's close.

If the OPG is greater than 0.03%, open a short position with take profit at yesterday's close.

Close all positions at midday.

Release Notes

Note : This strategy is designed to be used with the Daily (D) chart.

This is a Price Gap strategy, which means we are looking to open a long / short position at market open and close the position as soon as the gap from today's open and yesterday's close is filled. Do not hold position for more than half a day, the Price Gap should fill within a few hours.

Buy condition :

Green arrow appears, open long position and exit trade as soon as price reaches yesterday's close.

Sell condition :

Red arrow appears, open short position and exit trade as soon as price reaches yesterday's close.

Open-source script

In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.

For quick access on a chart, add this script to your favorites — learn more here.

developdvb

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Open-source script

For quick access on a chart, add this script to your favorites — learn more here.

developdvb