Gap Fill Indicator for ThinkorSwim - Automatically Highlight Potential Gap

BenTen

BenTen

Administrative
Staff
VIP
This indicator will overlay potential gaps on your chart. Highlighted so it's easier to see as the stock gap up, gap down, or filling the gap.



thinkScript Code

Rich (BB code):
# TS_GapFill
# [www.thinkscripter.com]
# [email protected]
# Last Update 28 Jan 2010

input marketOpenTime = 0930;
input marketCloseTime = 1615;

def yesterdaysClose = close(period = "DAY" )[1];

def secondsFromOpen =  secondsFromTime(marketOpenTime);
def secondsTillClose = secondsTillTime(marketCloseTime);
def marketOpen = if secondsFromOpen >= 0 and secondsTillClose >= 0 then 1 else 0;

rec regularHoursOpen = if (secondsFromOpen >= 0 and secondsFromOpen[1] < 0) or
(getDay() != getDay()[1]) then open else regularHoursOpen[1];

def newDay = if getDay() != getDay()[1] then 1 else 0;

rec regHoursHigh = if newDay then high else if marketOpen then
if high > regHoursHigh[1] then high else regHoursHigh[1] else high;
rec regHoursLow = if newDay then low else if marketOpen then
if low < regHoursLow[1] then low else regHoursLow[1] else low;

def yc = if marketOpen then yesterdaysClose else double.nan;
def o = if marketOpen then regularHoursOpen else double.nan;
def hg = o + (yc - o) / 2;

def gapUp = if yc < o then 1 else 0;
def gapDown = if yc > o then 1 else 0;

def gapRemaining = if gapUp then
Max(regHoursLow - yc, 0) else
if gapDown then Max(yc - regHoursHigh, 0) else 0;

def percentRemaining = 100 * gapRemaining / AbsValue(yc - o);
def gapFilled = if percentRemaining == 0 then 1 else 0;
def halfGapFilled = if percentRemaining <= 50 then 1 else 0;

plot gH = if (gapUp and !gapFilled and marketOpen and !newDay[-1])
then regHoursLow else if (gapDown and !gapFilled and marketOpen and !newDay[-1])
then yc else double.nan;
plot gL = if (gapUp and !gapFilled and marketOpen and !newDay[-1])
then yc else if (gapDown and !gapFilled and marketOpen and !newDay[-1])
then regHoursHigh else double.nan;
plot hGF = if !gapFilled and !halfGapFilled and marketOpen and !newDay[-1]
then hg else double.nan;

gH.SetPaintingStrategy(paintingStrategy.DaSHES);
gH.AssignValueColor(if gapDown then color.darK_red else color.dark_green);
gL.SetPaintingStrategy(paintingStrategy.DASHES);
gL.AssignValueColor(if gapDown then color.darK_red else color.dark_green);
hGF.setStyle(curve.LONG_DASH);
hGF.SetDefaultColor(color.dark_gray);
gH.hideBubble();
gL.hideBubble();
hgF.hideBubble();

AddCloud(gH, gL, color.violet, color.violet);
#AddChartLabel(gapUp or gapDown, concat(percentRemaining, " % Gap Remaining" ), color.white);

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Last edited:
J

jerrydinvestor

New member
VIP
Here's a small tweak to the original code. With this tweak, the Potential gap remaining is shown in the form of a number on the top left side.

To improve it further I added a condition in the gap fill. If the gap is already filled then the label will be in red. Indicating that very less likely the stock will go up. If the label is green and it shows percentage that means the stock has room for potential gap fill.

Gap filled and red color



Gap remaning with % and Green color



There are multiple ways to use this indicator. If the gap is already filled I would place my bet's on buying puts(or refrain from buying any calls) but it can get risky since 0% gap does not mean that stock cannot run up anymore.

When Gap % is in green we can buy calls and wait for upward price direction(Potential gap fill) can be seen (Bull move).**

http://tos.mx/S5EYxw

 
Last edited:
W

WIZARD

New member
Here's a small tweak to the original code. With this tweak, the Potential gap remaining is shown in the form of a number on the top left side.

To improve it further I added a condition in the gap fill. If the gap is already filled then the label will be in red. Indicating that very less likely the stock will go up. If the label is green and it shows percentage that means the stock has room for potential gap fill.

Gap filled and red color



Gap remaning with % and Green color



There are multiple ways to use this indicator. If the gap is already filled I would place my bet's on buying puts(or refrain from buying any calls) but it can get risky since 0% gap does not mean that stock cannot run up anymore.

When Gap % is in green we can buy calls and wait for upward price direction(Potential gap fill) can be seen (Bull move).**

http://tos.mx/S5EYxw
Really cool modification. Thanks! Check out $CGC and $VALE, 82% and 85% gap fill remaining respectively.
 

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