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Gap indicator

Hello I am looking for an MT4 indicator that will pointout gaps from the close of one bar to the open of the next and show the amount of the gap in pips.

Does anyone know of an indicator like this and where to find it?
Liberty always wins because tyranny self-destructs.
whats the purpose of this ?

The gap would just be the difference in the tick that started the new bar compared to the last tick.
Keep it simple stoopid....
I gap trade so if there is a way like with an indicator to scan for gaps then it might save time.
Liberty always wins because tyranny self-destructs.
Question, what are the advantages of trading gaps?

I looked for an indicator and cannot locate one for you.

Good Luck
Quoting WHTenn
Question, what are the advantages of trading gaps?

I looked for an indicator and cannot locate one for you.

Good Luck
Here is a video on gap plays.

http://forexclips.com/freetradingvideos/gap-play-video/gap-play-video.html

Sometimes multiple pares will gap on open and I need to check and measure each gap to decide what one is best to trade. An indicator could make this go much faster.

Hope this helps you to understand

Thanks for your time in looking for the indicator.
Liberty always wins because tyranny self-destructs.
So you want it to only do this on the market open every sunday ? Give me your rules and I will program it ... looks really easy.
Keep it simple stoopid....
Quoting Kurka Fund
So you want it to only do this on the market open every sunday ? Give me your rules and I will program it ... looks really easy.
Ok thanks alot!

All I want the indicator to do is point out the gap on market open with some sort of marker and then have text telling me how big the gap is in pips.

Again "thanks"!
Liberty always wins because tyranny self-destructs.
Numb3rs, thanks for the video. Now I have a better understanding.

Wish you many pips!
Here is an EA on built on this method.... test it and make some suggestions.

I would load it on a bunch of 1 min charts

Parameters......
PHP Code:

extern string  comment1        = " Time and date of last Fridays Close ";
extern datetime MarketClose    = D'2007.05.04 22:00'; // set this to the Date and time of Fridays Close
extern string  MarketOpen      = "00:00"; // Set this to the time that the market opens on Sundays

extern string  comment2       = " ============================== ";
extern double  MinGap         = 10; // if the GAP between open and close is < MinGap then no trade will be executed
extern int     Risk           = 10; // Percentage of account balance that you are going to use to calculate Lot size
extern string  comment        = " Pips added to GAP for TP and SL, if 0, TP and SL = GAP ";
extern int     TakeProfit     = 0; // if you want to set the TP = to the GAP leave this alone. it you want it higher set it to a positive interger, lower = neg interger
extern int     StopLoss       = 0; // same as TP 
This looks like a good way to start the week.... i look foward to seeing how the testing turns out...

Improvements....

1. Automatically calculate "datetime() = to fridays close time"..... anyone know how to do this ???

2. Add some cool trailing stop or something...give me your suggestions on order management...

have fun... BTW it will work on Live accounts but limits the order size to 0.01 lots....
Keep it simple stoopid....
Thank you Kurka Fund.
I am not sure how to install this. Meta editor wont compile it. Also, do I save it in scripts or indicators?
Just from reading it it looks like it might work.

Quoting Kurka Fund
Here is an EA on built on this method.... test it and make some suggestions.

I would load it on a bunch of 1 min charts

Parameters......
PHP Code:
 
extern string  comment1        = " Time and date of last Fridays Close ";
extern datetime MarketClose    = D'2007.05.04 22:00'; // set this to the Date and time of Fridays Close
extern string  MarketOpen      = "00:00"; // Set this to the time that the market opens on Sundays
 
extern string  comment2       = " ============================== ";
extern double  MinGap         = 10; // if the GAP between open and close is < MinGap then no trade will be executed
extern int     Risk           = 10; // Percentage of account balance that you are going to use to calculate Lot size
extern string  comment        = " Pips added to GAP for TP and SL, if 0, TP and SL = GAP ";
extern int     TakeProfit     = 0; // if you want to set the TP = to the GAP leave this alone. it you want it higher set it to a positive interger, lower = neg interger
extern int     StopLoss       = 0; // same as TP 
This looks like a good way to start the week.... i look foward to seeing how the testing turns out...

Improvements....

1. Automatically calculate "datetime() = to fridays close time"..... anyone know how to do this ???

2. Add some cool trailing stop or something...give me your suggestions on order management...

have fun... BTW it will work on Live accounts but limits the order size to 0.01 lots....
Liberty always wins because tyranny self-destructs.
its an EA..... Just save it in your experts folder > attach to a chart > set the parameters you want > then wait for the market to open.

if there is a gap larger than what you specified then it will open the trade.

try it on a bunch of 1 min charts this sunday....
Keep it simple stoopid....
Ok I got it under experts now. Does it need to stay as a php file or do I need to change it?

Sorry I am not familiar with EAs.
Liberty always wins because tyranny self-destructs.
OOPS i feel dumb.. I forgot to post it... here you go...
Attached File
File Type: ex4 GapTrader v_01 Secure.ex4   5 KB | 1,202 download
Keep it simple stoopid....
There was a gap on last Friday and today on the EURAUD pair. That's North Pro demo.
Attached Image (click to enlarge)
Click to Enlarge Name: euraud05082007a.jpg Size: 30 KB
Quoting Kurka Fund
OOPS i feel dumb.. I forgot to post it... here you go...
No problem.

I see now it has to be a ex4 file. I was making it mq4.

Anyway thanks a bunch and will see what happens on sunday.
Liberty always wins because tyranny self-destructs.
The EA will only take into account the difference between Fridays close and Sundays open.... thats what the video said
Keep it simple stoopid....
Quoting banzai
There was a gap on last Friday and today on the EURAUD pair. That's North Pro demo.
This strategy is looking for gaps at the open of the week only not just any gap, because they have a high statistical probability of back filling. Some call this strategy "Fading the opening gap".
Liberty always wins because tyranny self-destructs.
Quoting Kurka Fund
The EA will only take into account the difference between Fridays close and Sundays open.... thats what the video said
Yes thats what I want. Perfect! I can't wait to test it out.

great work
Liberty always wins because tyranny self-destructs.
KK

I am not sure if this a problem or not. When I load the EA it shows that it is active but on the chart it has a instead of a . Will the apear on Sunday's open?
Attached Image
Liberty always wins because tyranny self-destructs.
Quoting Numb3rs
KK

I am not sure if this a problem or not. When I load the EA it shows that it is active but on the chart it has a instead of a . Will the apear on Sunday's open?
On your tool bar there is a bar that says "expert advisors". Click that to turn on EA's. Then right click on the EA, open it and make sure "Allow live trading" is selected. You should see a smiley face and be good to go at that point.

Jason
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