Indicator purpose

Ham GapEntry calculates the Opening Gap for a stock - that is, the difference in price between the first opening trade, and the close from yesterday. It then monitors the price and various input conditions to determine whether to place a long or short trade, and at what price.

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

• 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.
• DoLong is a boolean (true/false) value that specifies whether this strategy will identify Long trades.
• DoShort is a boolean (true/false) value that specifies whether this strategy will identify Short trades.
• BarsToWait specifies the number of bars that will be skipped after the session opens before any trades will be identified.
• MaxBars specifies the number of bars from the session open where trades will be identified. This setting is used to NOT identify gap trades after a certain amount of time, which determines when gap trades may no longer be valid.

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 - Long trade (which identifies a gap DOWN, with the expectation that a Long trade will profit when the gap fills), Short trade (which identifies a gap UP, with the expectation that a Short trade will profit when the gap fills), or no trade signal (possibly no gap, or if there is a tradable gap, then the other parameters like BarsToWait or MaxBars may not match) for which the grid cell in the RadarScreen is left blank. The following RadarScreen shows an example.

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.