Candle Gaps

Oct 16, 2023

What This Indicator Does

• This indicator shows you where the 'Gaps' are in the market ( as defined by this indicator ). The indicator draws a box that extends indefinitely to the right, this is the 'Gap'. This box will be 'Filled In' when price comes back and overlaps the box.
  

A Gap As Defined By This Indicator

• A candle creates a 'Gap' in the area where there is no price action in front of, or behind ( up to 1 candle ) that area.
  
• A 'Up Gap' is created when the close of a candle is above the high of the previous candle.
  
• A 'Down Gap' is created when the close of a candle is below the low of the previous candle.
  
• Both types of Gaps are coloured with the same colour.
  
• Gaps are 'filled in' and disappear when price action crosses over them.
  
• This indicator does not show gaps where there are no candlesticks.
  

The Intention Of This Indicator

• The intention of this indicator is to make it possible to instantly identify Gaps in the market.
  
• Gaps can be used as a confluence for a variety of different strategies.
  

Inputs

• Gap Colour ( This changes the colour of the Gaps )
  
• Draw Gaps From Wicks ( This changes whether the Gap begins to be drawn from the previous candles high/low, or from the candle the Gap occurs on )
  

Both inputs are for aesthetic preferences.

A maximum of 50 Gaps will be drawn on the chart at one time.



This indicator is not guaranteed to be 100% accurate.

Oct 17, 2023

Release Notes

Refactoring Update

• Added detailed comments to each line of code
  
• Changed study name from "Standard Gaps" to "Candle Gaps"
  
• Changed input variable from "draw_Gaps_To_Wick" to "draw_Gap_From_Wick"
  
• Added functions for Drawing Gaps and Filling Gaps
  
• Removed gap_Low and gap_High variables and moved the value directly into the if statement