CandelaCharts - Opening Gap (OG)

2 days ago

📝 Overview

The ICT (Inner Circle Trader) Opening Gap represents the price difference between the previous trading session's closing price and the current session's opening price. This gap serves as a key indicator of market sentiment and can offer valuable clues about the market's potential direction throughout the trading day.

• A bullish Opening Gap forms when the market opens higher than the previous session's close, signaling strong buying interest or positive sentiment heading into the new session
  
• A bearish Opening Gap occurs when the market opens lower than the previous session's close, reflecting heightened selling pressure or negative sentiment among market participants
  

The Opening Gap is significant as it often establishes the market's tone for the trading session. Accurately interpreting this gap enables traders to make informed decisions about when to enter or exit positions. Serving as a gauge of market strength or weakness, the gap provides a clear signal of whether the market is likely to trend upward or downward during the day.

📦 Features

• MTF
  
• Mitigation
  
• Consequent Encroachment
  
• Threshold
  
• Hide Overlap
  
• Advanced Styling
  

⚙️ Settings

• Show: Controls whether FVGs are displayed on the chart.
  
• Show Last: Sets the number of FVGs you want to display.
  
• Length: Determines the length of each FVG.
  
• Mitigation: Highlights when an FVG has been touched, using a different color without marking it as invalid.
  
• Timeframe: Specifies the timeframe used to detect FVGs.
  
• Threshold: Sets the minimum gap size required for FVG detection on the chart.
  
• Show Mid-Line: Configures the midpoint line's width and style within the FVG. (Consequent Encroachment - CE)
  
• Show Border: Defines the border width and line style of the FVG.
  
• Hide Overlap: Removes overlapping FVGs from view.
  
• Extend: Extends the FVG length to the current candle.
  
• Elongate: Fully extends the FVG length to the right side of the chart.
  

⚡️ Showcase

Simple

Mitigated

Bordered

Consequent Encroachment

Extended


🚨 Alerts

This script provides alert options for all signals.

Bearish Signal

A bearish signal is triggered when the price opens lower than the previous session's close.

Bullish Signal

A bullish signal is triggered when the price opens higher than the previous session's close.

⚠️ Disclaimer

Trading involves significant risk, and many participants may incur losses. The content on this site is not intended as financial advice and should not be interpreted as such. Decisions to buy, sell, hold, or trade securities, commodities, or other financial instruments carry inherent risks and are best made with guidance from qualified financial professionals. Past performance is not indicative of future results.