Gap Zones

syntaxgeek Updated   
Sharing a simple gap zone identifier, simply detects gap up/down areas and plots them for visual reference. Calculation uses new candle open compared to previous candle close and draws the zone, a mid point is plotted also as far too often it's significance is proven effective.

Works on any timeframe and market though I recommend utilizing timeframes such as weekly or daily for viewing at lower timeframes such as 5, 15 or 30 minutes.

Often price is observed reaching towards zone high/mid/low before rejection/bouncing. These gap zones can give quantitative basis for trade management.

Future features may include alerts based on price crossing up/down gap low, mid and highs. Feel free to message with any other suggestions.
Release Notes:
  • Simplified color settings

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Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.


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