Gap n Crap indicator for TOS

Z

zeek

New member
VIP
Hi guys, new member here :) and i am looking for a specific indicator/tool and wanted to ask you if you happen to know of any such one. Or maybe if someone could help me create it and i would gladly pay for the job.

I trade mostly Nasdaq smallcaps, typically low float stocks ranging between 1-10$ and as you can probably imagine, many of these trades the typical gap n crap pattern. Huge extension at market open and then most of the time, it gives back almost all of that move during rest of the day. I don`t mind this and i actually prefer trading these type of stocks and that`s when i started thinking about a tool or indicator in ThinkorSwim that basically tells me how many times a specific stock has made the "gap n crap" pattern in the past. I am not sure how far back in time TOS can gather intraday data but i have heard of a number of 180 days, is this correct?

When i say gap n crap, what i mean is that the stock makes a big move at market open and set a top/high of day within the first 30 min or 1hour and then never reclaims that high of day for the rest of day.

Do you know if there is currently any such indicator avaliable or if if it can be coded? Would be extremely helpful for me and like i said, i am willing to pay whoever can help me create something like this.

Preferably, i would like to have a simple label on the chart that tells me the %probability that the stock will gap n crap within the first 30 min or 1 hour after market open.
 
Z

zeek

New member
VIP
Hello @BenTen and thnak you for the welcome!

The one you linked to is a also a good one but not exactly what i was looking for. I am more interested in the past history of these gap patterns and specifically like this one below, it gaps and craps already within the first 5 min after market open and then never reclaims that high of day level.
So i am looking for a way to gather this data historically for any symbol and calculate a %probability for this pattern to happen again.

I am guessing there is a limitation in how far back TOS can gather intraday data like this but 5min or possibly even 10min timeframe would work for me.

 
BenTen

BenTen

Administrative
Staff
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@zeek Correct me if I'm wrong but you're looking for more than just a screener that scan for gap-ups? And you also want to know the probability of the stock crashing after gapping up? I'm afraid you will have to do that manually by looking at individual cases. The indicator I mentioned above will let you scan for anything stocks that gapped up. Then you can take it from there.
 
Z

zeek

New member
VIP
@BenTen No, i am not looking for a scanner at all. I am looking for an indicator that looks at the past trading history (intraday) of any stock and gather the data i mentioned earlier and from that data, makes a probability % of this pattern to happen again.

But i will have to do it manually then like i already do today. Thanks anyways.
 

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