OPEN-SOURCE SCRIPT
Unfilled Gap Detector
This indicator displays gaps on a chart within a specified range which have not been filled. It offers the ability to set the minimum gap size to detect as a multiple of the average true range (ATR), as well as the allowed distance from a gap fill for the gap to be considered filled. The use of ATR allows the gap threshold to dynamically change as the stock price and volatility change over time. Lastly, it offers the ability to show gaps which have been filled in addition to unfilled gaps.
The following describes each input's effect on the indicator.
The following describes each input's effect on the indicator.
- Bars to Search Back: specifies how many bars back in the chart to search for gaps and gap fills (maximum 5000).
- ATR Length: specifies the length of the ATR() function used for thresholding
- Minimum ATR Multiple For Gap Detection: The minimum gap size as a multiple of the ATR
- Minimum ATR Multiple For Gap Fill: The minimum distance between a bar high/low and a gap for it to be considered "filled" as a multiple of ATR
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 publication is governed by House rules. You can favorite it to use it on a chart.
Want to use this script on a chart?
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.