Gap Indicator for TOS and/or MT4?

April 6th, 2015, 08:32 PM

I've been trading Forex Gaps on Sunday and they've been very profitable/predictable. However, it is really time consuming to determine with currency pairs have the larges gap with the smallest spread. And as you know, time is of the essence when trading gaps. Cant study it for an hour.

So, I thought SURELY there would be an indicator or tool for Think Or Swim platform or MT4 that would quickly calculate the pairs with the best gap?

I couldn't find such a unicorn....but if it exists, I would surely fight valiantly for it!

April 10th, 2015, 10:40 AM

Hi Lorraine, i'll try to..but what do you mean by "spread"?

Here's watchlist study that will plot the gap values as percent of friday close price.

Quoting

def monday = GetDayofWeek(GetYYYYMMDD()) == 1;
def cprice = close(period = aggregationPeriod.DAY);
def oprice = open(period = aggregationPeriod.DAY);
plot gap = if monday then (absvalue(oprice - cprice[1]) /cprice[1]) * 100 else 0;

Gap Indicator for TOS and/or MT4?

Discussion in ThinkOrSwim

Gap Indicator for TOS and/or MT4?