Indicator purpose

Ham Gap calculates the Opening Gap for a stock - that is, the difference in price between the first opening trade, and the close from yesterday. By monitoring this column, you can quickly identify which stocks in your list have gapped down or up, and know which ones to monitor to find opening gap plays. This indicator should be used on an intraday chart (not daily, weekly, monthly).

Settings:General

• Maximum number of bars study will reference - default is Auto-detect.
• Update on every tick - default is Checked - you may Uncheck to improve performance, but the indicator will not be recalculated until the end of the current bar.
• Load additional data for accumulative calculations - default is checked, with a value of 390 (the number of minutes in a regular session for equities). This information is needed because the indicator needs to look back until it finds the beginning of the day - at most 390 minutes for equities. To improve performance, you may reduce this value. However, make sure that this value is at least as large as the number of time periods in a session (390 for 1-minute bars, 195 for 2-minute bars, 78 for 5-minute bars, etc.).

Settings:Inputs

• UpFGColor and UpBGColor are the Foreground and Background colors used to display gaps up (where the open is greater than the previous close). Default is black on green background.
• DownFGColor and DownBGColor are the Foreground and Background colors used to display gaps down (where the open is less than the previous close). Default is white on red background.
• GapSize defines how far today's opening price must move from yesterday's closing price before the Indicator will identify a gap. Default is 0.20 (20 cents).
• MaxGapPercent specifies the maximum size of the gap. If the gap exceeds this value (in percentage), it is NOT displayed, because it is considered to be too large of a gap to fill.

Settings:Alerts

This Indicator does not currently support Alerts, but that may be a feature of a future release.

Examples:

There are three possible outputs - Up Gap, Down Gap, or no gap (for which the grid cell in the RadarScreen is left blank). The following RadarScreen shows an example of each. The charts below give the details. As you can see on the CEPH graph, CEPH does gap up (from 45.13 to 45.29), but the gap distance is 0.16, which is less than the Input parameter of GapSize, so the Indicator does not consider this a gap that is large enough to report. For each of the three graphs, the right-most full bar is the first bar of the session, and is compared to the second bar from the right to test for a gap opening.

HamRadar01 is not guaranteed for any particular purpose. Trading involves a high level of risk - and neither Prototech, Inc., nor Nelson Crowle (HamFon) will be liable for any losses that you incur. HamRadar01 is licensed for individual usage - you may use it on any number of machines, but only with the TradeStation Customer Number that you provide when you order. You may not reverse engineer HamRadar01, or share it with other users.

If you have any questions, please email me.