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Gap indicator

  • #1
  • First Post: May 7, 2007 2:28pm May 7, 2007 2:28pm
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?
Could it be Man is trying to be something without knowing they're complete?
  • #2
  • May 7, 2007 3:21pm May 7, 2007 3:21pm
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....
  • #3
  • May 7, 2007 4:29pm May 7, 2007 4:29pm
I gap trade so if there is a way like with an indicator to scan for gaps then it might save time.
Could it be Man is trying to be something without knowing they're complete?
  • #4
  • May 7, 2007 4:51pm May 7, 2007 4:51pm
Question, what are the advantages of trading gaps?

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

Good Luck
  • #5
  • May 7, 2007 5:03pm May 7, 2007 5:03pm
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/freetradingvid...lay-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.
Could it be Man is trying to be something without knowing they're complete?
  • #6
  • May 7, 2007 5:26pm May 7, 2007 5:26pm
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....
  • #7
  • May 7, 2007 5:51pm May 7, 2007 5:51pm
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"!
Could it be Man is trying to be something without knowing they're complete?
  • #8
  • May 7, 2007 7:46pm May 7, 2007 7:46pm
Numb3rs, thanks for the video. Now I have a better understanding.

Wish you many pips!
  • #9
  • May 7, 2007 9:01pm May 7, 2007 9:01pm
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....
  • #10
  • May 7, 2007 9:59pm May 7, 2007 9:59pm
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....
Could it be Man is trying to be something without knowing they're complete?
  • #11
  • May 7, 2007 10:03pm May 7, 2007 10:03pm
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....
  • #12
  • May 7, 2007 10:17pm May 7, 2007 10:17pm
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.
Could it be Man is trying to be something without knowing they're complete?
  • #13
  • May 7, 2007 10:28pm May 7, 2007 10:28pm
OOPS i feel dumb.. I forgot to post it... here you go...
Attached File(s)
File Type: ex4 GapTrader v_01 Secure.ex4   5 KB | 3,841 downloads
Keep it simple stoopid....
  • #14
  • May 7, 2007 10:42pm May 7, 2007 10:42pm
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
  • #15
  • May 7, 2007 10:46pm May 7, 2007 10:46pm
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.
Could it be Man is trying to be something without knowing they're complete?
  • #16
  • May 7, 2007 10:47pm May 7, 2007 10:47pm
The EA will only take into account the difference between Fridays close and Sundays open.... thats what the video said
Keep it simple stoopid....
  • #17
  • May 7, 2007 10:50pm May 7, 2007 10:50pm
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".
Could it be Man is trying to be something without knowing they're complete?
  • #18
  • May 7, 2007 10:52pm May 7, 2007 10:52pm
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
Could it be Man is trying to be something without knowing they're complete?
  • #19
  • May 8, 2007 4:03pm May 8, 2007 4:03pm
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
Could it be Man is trying to be something without knowing they're complete?
  • #20
  • May 8, 2007 4:37pm May 8, 2007 4:37pm
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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