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Gap Candlestick Alerts
On the TimeToTrade charts, an indicator can be added to detect Gap 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.
There are four common types of Gaps that can be interpreted in different ways:
Learn more about the Gap indicator.
Gap Candlestick Alerts
You can use TimeToTrade to execute trades, notify you or backtest trading strategies, for example when the Gap has been identified. Use the chart settings to add the Gap Candlestick indicator.
After adding the Gap indicator to the charts, click on the rising threshold chart trigger to create your alert. In the following example, an alert will be set up to provide a notification of when the Gap rises above 0, therefore indicating that the Gap has been identified.
Enter a message to remind yourself why the alert was created, select how you would like to be notified when the alert trigger conditions are met, then set 'reactivate alert' if you would like to get alerts each time your alert trigger conditions are met. Click on the green 'Activate' button on the Alert Builder when finished:
Gap Trading Strategies
You can use TimeToTrade to execute trades when your Trigger Trading™ alert conditions have been met. For example, an order can be created to sell 100,000 GBPUSD when your Gap alert trigger conditions have been met, with a take profit order if the price decreases by 20 points / pips and a stop loss if the price increases by 10 points as per the following example:
TimeToTrade can also be used to create alerts on Price and Volume as well as the technical indicators such as Stochastic, RSI, Bollinger Bands and Moving Averages plus a lot more. You can also create alerts on your own Custom Indicators.
Once you are familiar with creating basic alerts you can use TimeToTrade's advanced features to customise your alerts to suit you. You can build compound alerts containing multiple trigger conditions against price and multiple technical indicators; for example: you could set up an alert to notify you, or execute a trade, when the price falls below a defined value followed by the stochastic increasing above 20 and then a positive MACD crossover:
You can also edit the alert message you will receive and be notified by Email and SMS text messages when your alert trigger conditions are met.
To learn more about Sequencing and Grouping Multiple Alert Triggers click here.
Check Alert Triggers at Interval Close or on Each Tick During the Interval
Alerts can be set up to check if the trigger condition has been met at the end of an interval or on each tick during the interval. When creating alerts, click on the alert trigger and set the 'Check trigger when' field to 'interval closes' or 'on each tick during the interval' to change the behaviour.
For example if you wanted to check if the Close Price at the end of a 15 minute interval rises above 1.5, select 'interval closes' as illustrated:
If however you wanted to check for example if the hourly RSI falls below 30 and want to get an alert if that happens during the 1 hour interval, rather than checking at the close of the 1 hour interval, check the alert trigger 'on each tick during the interval' as illustrated:
Go to the Ask a Question section on the TimeToTrade forum to see the type of alerts and trading strategies that TimeToTrade users are creating:
- Ask a Question
- Trading Strategies
- Help Videos
- Technical Analysis Alerts
- How to Backtest your Alerts and Trading Strategies
Use can use TimeToTrade to execute trades or notify you when price, trendline, technical analysis, volume or candlestick chart conditions are met. Trade-Off The Chart, backtest, simulate and optimise your trading strategies, all without writing a single line of computer code. Set up a FREE account today.
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