How to use this Indicator? @ChrisMoody Please let me know.
Tom1trader
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Thanks Chris, nice job!
I like trades overnight or more because of account limitations (Pattern Day Trades). "Street Smarts, High Probability Short Term Trading Strategies" by Laurence A. Connors and Linda Bradford Raschke tells of "Whiplash" strategy would be opening gap with fill and reverse (todays session) triggering a trade near close for next day continuation. Those setups are easy to spot with this indicator. Looking at charts I trade would give myself more rules/filters before pulling trigger.
vannilasky2
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is it is available where we as a user can use it.. it will be useful for earning time
Alphaoptions
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It is nice to have this and thank you for sharing it. Now that we can better visualize, can you comment on how to trade the gaps - do we look for gaps to fill (fade the gaps) or see them as SR (trade the gaps)? Are intraday more or less significant than opening gaps? What is your experience?
ChrisMoody
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Lets work our way backwards on your questions.
1. These are Opening Gaps. Opening Gaps are the only valid gaps with statistical data where people make a living from this one trade setup. The way the code is written it's designed to be placed on Intraday Charts...Not Daily charts.
2. As for the way you play gaps. I'm not going to go in-Depth now...but there are traders who have the statistical probablities of Gaps Filling based on Instrument, Day of Week, Week of Month, % of Gap Move etc. Something to look at is throw the indicator on a few symbols...and see what percentage of the time the Gaps are filled the same day!!!
Enough for now...more when I add to the Indicator.