OPEN-SOURCE SCRIPT
RTH Gap [DB]
This is just a modifed version of twingall 's ETH/RTH gap indicator.
My adjustments are mainly just settings decluttering and some display changes to make it more minimalistic / more fitting for my charting style.
The basis of this indicator is the same: it plots the gap between the New York session's close from the day before and the current day's opening price. Basically the gap you would see when you switch your trading hours to RTH. Then it extends the gap for the given day's session end time.
This can be an important context element for New York sessions as price often likes to fill these gaps.
Limitations of the indicator:
- Only works on the 30M timeframe on below
- Only works on regular timeframes (the ones that are divisible into 30)
If you want to tinker more with the settings or want to see different plotting styles, I recommend checking out the original indicator (link at the top of this description).
If you find any bugs let me know.
Enjoy!
My adjustments are mainly just settings decluttering and some display changes to make it more minimalistic / more fitting for my charting style.
The basis of this indicator is the same: it plots the gap between the New York session's close from the day before and the current day's opening price. Basically the gap you would see when you switch your trading hours to RTH. Then it extends the gap for the given day's session end time.
This can be an important context element for New York sessions as price often likes to fill these gaps.
Limitations of the indicator:
- Only works on the 30M timeframe on below
- Only works on regular timeframes (the ones that are divisible into 30)
If you want to tinker more with the settings or want to see different plotting styles, I recommend checking out the original indicator (link at the top of this description).
If you find any bugs let me know.
Enjoy!
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 publications is governed by House rules. You can favorite it to use it on a chart.
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