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On the TimeToTrade charts, an indicator can be added to detect Gap Upwards Candlestick patterns. The indicator can then be used to execute trades, provide an Email or SMS text message notification when your Candlestick chart patterns have been met or backtest trading strategies.
Gap Candlestick patterns are used to identify when the price gaps to the upside or downside when compared to the previous candle. The significance of the price gap greatly depends on the price action before the gap.
A Bullish Gap is when the LOW price of the second candle is above the HIGH price of the previous candle.
A Bearish Gap is when the HIGH price of the second candle is below the LOW price of the previous candle.
Breakaway Gaps are formed when the price gaps outside of the recent sideways consolidated trading range. They tend to be associated with the start of a directional move in the direction of the bullish or bearish gap. The market can sometimes fill the gap on light volume before rallying in the direction of the gap. A Breakaway gap when combined with a unexpected news event can act as a catalyst for a strong directional move.
Measuring / Runaway Gaps
Measuring or Runaway Gaps are typically formed during a directional move and can be interpreted as a mid point in the rally. They can therefore can be used to help gauge the extent of the move to follow. A Measuring Gap looks very similar to an Exhaustion Gap when it is formed, therefore attention must be given to the price action after the gap is formed. Measuring Gaps tend not to be filled and the expectation is that there will be higher lows in a bullish move or lower highs in a bearish move.
Common / Area / Pattern / Temporary Gaps
A Common Gap is known by a range of names including Area, Pattern or Temporary Gap. Common Gaps are associated with the price gaping to the inside of an existing price channel. They are typically not associated with a break out directional move, rather a short term reversion within the price channel.
Exhaustion Gaps are typically associated with end of a directional move. A key difference between an Exhaustion Gap and a Measuring Gap, is that the price action after the Exhaustion Gap tends to consolidate, which signals the end of the directional move. After an Exhaustion Gap that is associated with a strong directional move, the expectation is that the price will trade sideways and consolidate. If the Exchaustion Gap is associated with a small directional move, then a price reversal can occur.
An overview of Candlesticks
A candle represents the changes in price over an interval of time such as 1 day or 1 minute. The main body of the candle illustrates the opening price at the start of the time interval and the price when the market closed at the end of the interval. The head and tail represent the highest and lowest prices during the interval.
The length of the 'Head' is the difference between the highest price during the interval and the greater of the Open or Close price. The length of the 'Tail' is the difference between the lowest price and the difference between lesser of the Open or Close price. The length of the 'Body' if the difference between the Open and Close price. The full length of the candle is referred to as the 'Shadow'.
If the price closed at a price above the opening price, then the candle is referred to as a 'bullish' candle and if the price closed below the opening price, then the candle is referred to as a 'bearish' candle. On the TimeToTrade charts the bullish candles are coloured green and the bearish candles are coloured red as illustrated:
The Gap indicator can be displayed on the TimeToTrade charts. It can be used to identify Gap chart patterns, where by the indicator will rise above 0 to 1 when the Gap chart pattern has been identified:
To add the Gap indicator to the TimeToTrade charts, go to the chart settings and click on the 'Add Indicator' button. Click on the search box and type the name of the Candlestick indicator that you are looking for, or for example type 'candle' and scroll through the results:
After adding the Gap indicator, within the chart settings, click on it to set the colour and tolerance:
The tolerance is used to 'soften' the Candlestick rules. For example, if there are two candles in a sequence, and the requirement is for the second candle high and low to be fully engulfed by the body of the first candle, adding a tolerance value, will allow the high or low of the second candle to be outside the body of the first candle, by the specified tolerance amount.
Alerts can be set up to provide an Email or SMS text message notification of when your Candlestick chart patterns have been met. The alerts can also be used to backtest trading strategies or execute demo trades. To learn more:
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