GAP based S/R
This Script is designed to show repeating pattern in the market, encountered by gaps.
Depending on the Gap, the Lines will be drawn in the selected color.
The Gap is checked from the lowest point of the old candle-body to the highest point of the new candle body for a bearish Gap and vice versa for bullish Gap.
The Script allows to:
- enable bearish gaps, bullish gaps or both
- adjust the minimum pips for the marketjump to be considered a gap
- adjust color of the bullish/bearish gap
- define how much bars should be considered in the history, where 4999 is the max value.
With this functionality and the showing patterns, it is possible to determine support and resistance zones.
When the script is used in markets/periods with many gaps and a high number of historic candles is watched, you might not see any horizontal lines at all -> please reduce the number of historical bars in order to draw an appropriate number of lines.
Depending on the Gap, the Lines will be drawn in the selected color.
The Gap is checked from the lowest point of the old candle-body to the highest point of the new candle body for a bearish Gap and vice versa for bullish Gap.
The Script allows to:
- enable bearish gaps, bullish gaps or both
- adjust the minimum pips for the marketjump to be considered a gap
- adjust color of the bullish/bearish gap
- define how much bars should be considered in the history, where 4999 is the max value.
With this functionality and the showing patterns, it is possible to determine support and resistance zones.
When the script is used in markets/periods with many gaps and a high number of historic candles is watched, you might not see any horizontal lines at all -> please reduce the number of historical bars in order to draw an appropriate number of lines.