The Gap Finder tool identifies price gaps with the previous bar, and shades the zone on a chart. The tool identifies both upward and downward gaps, with a tolerance for the size. The user has the option for the zone to remain on the chart until the gap is either partially or completely filled.
In this example, points marked 1 are partial fills as price action has entered the gap zone, but does not get filled until point 2. The zones marked 3 remain unfilled so extend to the right of the chart.
Scripting Function: GAP()
Copy Data to Clipboard: Will copy the tool’s values to the clipboard which can then be inserted into a spreadsheet, for example, allowing for further analysis.
Add to Toolbar: Adds the selected tool to your custom toolbar.
Apply Settings to All: When multiple Gap Finder tools have been applied to a chart, page or workbook, this action can be used to apply the settings of the one selected to other instances of the tool. This is a great time saver if an adjustment is made to the tool - such as line colour - as this allows all the other Gap Finder tools in the chart, page or entire workbook to be updated instantly.
Copy Tool: Allows you to copy the selected tool, which can then be pasted onto a different chart window.
Move to Back: If the tool is displaying in front of other tools or indicators clicking this action will move the tool view to the background.
Move to Front: If the tool is displaying behind other tools or indicators on the chart, clicking this action will bring the tool to the forefront.
Restore Default Settings: Click this action if you have adjusted the default settings of the tool, and wish to return to the standard properties originally installed with Optuma.
Save Settings as Default: If you have adjusted any of the tool’s properties (colour, for example) you can save the adjustments as your new default setting. Each time you apply a new Gap Finder to a chart, the tool will display using the new settings.
Delete: Deletes the tool from the chart.
Tool Name: Allows you to adjust the name of the tool, as it’s displayed in the Structure Panel.
Minimum Size (%): How big the gap needs to be before it will be considered.
Minimum Bars: If the gap is filled before this value is reached, the zone will not be shown.
Allow Partially Filled: When disabled this would stop the zone as soon as there is any incursion into the gap (i.e. at point 1 in the example above).
Up Gap Colour:** Adjust the colour of the zone for upward gaps.
Down Gap Colour: Adjust the colour of the zone for downward gaps.
Gap Zone Transparency: Use this slider bar to adjust the transparency of the shaded zone. Moving the slider to the left will increase the transparency of the tool.
Visible: Un-tick this checkbox to hide the tool from the chart.
Lock Tool:** When selected, any changes to the tool will be prevented from being made.