OPEN-SOURCE SCRIPT
Updated CandelaCharts - Opening Gap (OG)
📝 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.
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
⚙️ Settings
⚡️ 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.
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 OGs are displayed on the chart.
- Show Last: Sets the number of OGs you want to display.
- Length: Determines the length of each OG.
- Mitigation: Highlights when an OG has been touched, using a different color without marking it as invalid.
- Timeframe: Specifies the timeframe used to detect OGs.
- Threshold: Sets the minimum gap size required for OG detection on the chart.
- Show Mid-Line: Configures the midpoint line's width and style within the OG. (Consequent Encroachment - CE)
- Show Border: Defines the border width and line style of the OG.
- Hide Overlap: Removes overlapping OGs from view.
- Extend: Extends the OG length to the current candle.
- Elongate: Fully extends the OG 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.
Release Notes
CandelaCharts - Opening Gap (OG) 1.0.1- Fix alerts bug
Release Notes
CandelaCharts - Opening Gap (OG) 1.0.2- Add filtering by bias
Release Notes
CandelaCharts - Opening Gap (OG) 1.0.3- Threshold bug fix
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Get access to our exclusive tools: candelacharts.com
Join our community: discord.gg/etGSTepqbu
All content provided by CandelaCharts is for informational & educational purposes only.
Join our community: discord.gg/etGSTepqbu
All content provided by CandelaCharts is for informational & educational purposes only.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Get access to our exclusive tools: candelacharts.com
Join our community: discord.gg/etGSTepqbu
All content provided by CandelaCharts is for informational & educational purposes only.
Join our community: discord.gg/etGSTepqbu
All content provided by CandelaCharts is for informational & educational purposes only.
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.