The Gap Detector indicator displays a signal on the chart whenever a gap is detected between a previous candle’s close price and the next candle’s open price.
The signal is shown as a green dot under the gapping candle for a gap up and as a red dot above the gapping candle for a gap down. An option is available to remove the signal from the chart if the market retraces and closes the gap.
An option is also available to draw a line on the chart to show the level at which a gap was closed.
Gaps can often form in a market due to strong price action. These gaps can be an indication of a momentum or a change in direction.
This indicator allows you to scan your chart to see where gaps have occurred and how this affected the trend.
Also, when a gap forms, markets may retrace to close that gap. This indicator is useful to see where gaps have occurred and where they have been closed.
For full indicator details and inputs visit the indicator page HERE.
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