BB NWOG - NDOG - RTH NDOGThe BB Gaps Indicator is a comprehensive tool designed for traders looking to track and visualize significant opening gaps within various market sessions, including:
• New Day Opening Gaps (NDOGs): These gaps form between the closing price of the previous day and the opening price of the new day, providing insight into potential liquidity pools or imbalances.
• RTH New Day Opening Gaps (RTH NDOGs): This focuses on gaps that occur during Regular Trading Hours (RTH), capturing gaps between session closures and the next day’s open, ideal for intraday traders.
• New Week Opening Gaps (NWOGs): These gaps track the price differential between the last candle of the week and the first candle of the new trading week, providing a broader market perspective for swing traders.
Key Features:
• Dynamic Plotting: Visualize gaps with customizable extensions, box fills, and mid-range (50%) or quarter-range (25%, 75%) levels.
• Sidecar Labels: Handy sidecar labels display the gap information right on the chart for easy reference.
• Multiple Session Support: Track gaps across different trading sessions (Daily, RTH, Weekly) with adjustable plot extensions and fill styles.
• Configurable Limits: Set a maximum number of gaps to plot, ensuring your chart remains clean and clutter-free.
Nwog
ICT NWOG/NDOG Gaps [TradingFinder] New Opening Gaps🔵 Introduction
🟣 Understanding ICT Opening Gaps
In the realm of technical analysis, mastering the art of recognizing market behavior and pinpointing key price levels is vital for making sound trading decisions. Among the array of tools available, the concept of opening gaps stands out for its ability to provide crucial insights.
The ICT (Inner Circle Trader) methodology offers a distinctive approach to understanding the importance of New Day Opening Gaps (NDOG), New Week Opening Gaps (NWOG), and New Monthly Opening Gaps (NMOG).
These gaps, representing the price differences between the close of a previous period and the open of the next, serve as key reference points that can greatly impact price movements.
The ICT trading approach highlights these gaps as potential zones of support and resistance. Prices often respond to these areas, either bouncing off or passing through and then retesting them. Within these gaps, significant levels such as the high and low are particularly important.
Additionally, the Event Horizon PD Array (EHPDA) concept, which is an intermediate level calculated from the average of neighboring NWOGs or NDOGs, adds another layer to this analysis.
This guide delves into ICT's New Daily, Weekly, and Monthly Opening Ranges, showing how these gaps can be effectively utilized in trading. By grasping the nuances of these gaps, traders can better forecast market behavior, identify key support and resistance levels, and refine their trading strategies.
🟣 The Gaps
1. New Week Opening Gap (NWOG) : The NWOG is the price gap between Friday's closing price and Sunday's opening price. This gap is particularly crucial for traders who monitor weekly trends. Depending on the direction of the gap, the NWOG often serves as a pivotal support or resistance level.
2. New Day Opening Gap (NDOG) : The NDOG signifies the price difference between the closing price of the previous day and the opening price of the current day. Much like the NWOG, the NDOG is a key reference point for intraday traders.
Prices typically react to these levels, either reversing or continuing through the gap after a retest. NDOGs are instrumental in identifying short-term support and resistance levels, aiding traders in making decisions based on daily price movements.
3. New Monthly Opening Gap (NMOG) : The NMOG represents the gap between the closing price of the previous month and the opening price of the current month.
This gap is especially valuable for traders focusing on long-term trends and macroeconomic factors. As with NWOGs and NDOGs, the NMOG can act as a significant support or resistance level.
🔵 How to Use
Identifying Support and Resistance : Opening gaps often indicate potential zones where prices might reverse or find support/resistance. For example, if a new day opens below the previous day’s close (creating a NDOG), this gap could act as resistance, prompting traders to consider short positions if the price retests this level without breaking through.
Conversely, if the price opens above the previous day’s close, the gap might serve as support, offering a potential entry point for long trades.
Gap Fill Strategy : A popular strategy associated with opening gaps is the "gap fill" approach, where traders anticipate that the price will eventually return to fill the gap.
For instance, if there’s a significant NDOG at market open, a trader might expect the price to retrace back to the previous day’s close, effectively "filling" the gap. This strategy is particularly effective in markets that exhibit mean-reverting behavior.
Combining Gaps with Other Indicators : Traders often enhance their analysis of NDOG, NWOG, and NMOG by integrating other technical indicators. Aligning gap levels with tools such as Fibonacci retracements, moving averages, or existing support and resistance zones can provide additional confirmation for trade entries and exits.
🔵 Setting
Show and Color : You can control the display or non-display of the range as well as the color of the range.
Max Opening Range Update Method : You can control the number of ranges that are updated. If it is "All", all ranges that are not mitigated will be displayed. If "Custom", the ranges will be updated based on the number you specify.
Max Opening Range Update : The number of ranges to update.
🔵 Conclusion
The ICT New Daily, Weekly, and Monthly Opening Ranges provide traders with a systematic approach to understanding market dynamics and identifying critical support and resistance levels.
By analyzing these gaps, traders can gain deeper insights into potential price movements, spot high-probability trade setups, and strengthen their overall trading strategy. Whether you are focused on short-term day trading or long-term market trends, incorporating NDOG, NWOG, and NMOG analysis into your trading plan can be a powerful addition to your toolkit.
ICT New Week Opening GapDisplay the Current New Week Opening Gap (NWOG) on your Futures Market charts.
Disclaimer: this indicator is completely built from scratch, which is why not many features are added yet.
This indicator is 100% UNIQUE in the way that the NWOG remains accurately drawn on the chart, regardless of which chart settings are modified (for example, Settlement-as-Close, RTH/ETH, Back-Adjustment, etc.), unlike other NWOG plotting indicators.
Additionally, the NWOG can be plotted on a large variety of timeframes, from the Weekly chart, all the way down to the 1-second chart.
The NWOG is defined as Friday's closing price (e.g., at 4:59pm New York Time for ES1!) and Sunday's opening price (e.g., at 6:00pm New York Time for ES1!) on a new week.
This indicator draws a Box at these levels and extends it out in time to the most recent bar so that it can be visualized how price reacts to and gyrates around these levels.
Basically, the Box that is drawn on the chart by this indicator can be used as dynamic support & resistance levels. The actual price levels are shown at the top-right of the chart in a small table, for anyone wanting to remove the indicator and draw the levels themselves.
Only the current week's opening price and the previous week's closing price will be drawn on the chart.
The indicator settings are only used to change the visuals such as box colors and text colors/size. The actual calculations are performed as mentioned above and cannot be changed by the Style/Settings Input.
Note: it is recommended to toggle ON the " Scale Price Chart Only " chart option if using auto-scaling on charts because TradingView by default will force indicator drawings to display on the chart area even if an NWOG is far away from the current price action.
This is a bare bones indicator (1st version) that will only draw the current NWOG. Future updates will add support for displaying historical NWOGs.
For support of additional markets or indicator settings/features, please leave a comment on this script.
ICT NWOG/NDOG [Source Code] (fadi)New Week Opening Gap (NWOG) and New Day Opening Gap (NDOG) are areas on the chart where price tend to react to and has the potential of moving from one gap to the next. These gaps can act as support and resistance zones where price can bounce of, or go through and retest. Areas of interest are the high, low, the Consequent Encroachment (C.E.), which is the middle between high and low of each gap.
Event Horizon is the 50% distance between two NWOGs and price tend to react to, and could act as Premium/ Discount between two NWOGs.
New Week Opening Gap (NWOG)
The difference between Friday close, and Sunday open. Consequent Encroachment (C.E.) is the area between two NWOGs.
Settings NWOG
- The Colors in the form of Current/Previous and line style for NWOG
- Background color to use for Current/Previous
- Number of NWOGs to use by the indicator (ICT recommends using minimum of 5)
- Extend Configuration:
-- Always Extend all NWOGs
-- Above and below only Shows the immediate two NWOGs that are above and below current price. These two NWOGs are recalculated as price moves
-- Any that is near current price Any NWOG that is near the current price, this can result in multiple NWOGs being displayed, with some overlapping
- Event Horizon only applicable when using the "Above and below only settings"
-- Show Date label and type of gap
New Day Opening Gap (NDOG)
The difference between Yesterday's close and Today's open.
Settings NDOG
- The Colors in the form of Current/Previous and line style for NDOG
- Background color to use for Current/Previous
- Number of NDOGs to use by the indicator, default is 1 but price tend to react to previous ones as well
- Extend Configuration:
-- Always Extend all NDOGs
-- Above and below only Shows the immediate two NDOGs that are above and below current price. These two NDOGs are recalculated as price moves
-- Any that is near current price Any NDOG that is near the current price, this can result in multiple NDOGs being displayed, with some overlapping
-- Show Date label and type of gap
Other Settings
Number of candles to use in calculation is used to calculate the size of the candles in order to derive the distance from current price. If current candle sizes is more important than over longer period of time then use 14 or near that number
Factor multiplier for distance test is the number above times X value. Lower timeframes require a higher number than a larger timeframe. If day trading, a value between 10 and 20 is probably best. If swing trading, a value between 5 and 10 is probably best.
Buffer How many candles beyond current price to extend the gaps by. this is helpful to provide cleaner view of the price action
NWOG & Dynamic Event Horizon°The ICT concept of New Week Opening Gaps (NWOG) is simply an imbalance that manifests at each Week Opening time. This gap in price is formed by the Close on Friday at 5PM EST and the open of Sunday at 6PM EST.
According to ICT's studies, this gap in price holds a lot of significance when it comes to price action, acting as a magnet or a point of reference during the week (and following weeks).
The Event Horizon (EH) is simply the midpoint between two of these NWOGs. The EH can be very useful to determine where price is drawn towards from a liquidity perspective. If price reaches this level it is probable that it will continue to the next NWOG, as explained by ICT himself.
In my own studies I have noticed that price also tends to respect and use the Optimal Trade Entry (OTE) levels drawn from both NWOGs in question. OTE levels are nothing but fibonacci 0.79 – 0.705 – 0.68 levels.
I decided to put all of these into an indicator that dynamically selects the most relevant NWOG Dealing Range and plots their EH and OTE levels automatically.
Available Alerts:
– Cross Below Event Horizon
– Cross Above Event Horizon
– New NWOG Range Established
Important Remarks:
– Note that although these work on all timeframes, the lower in resolution one goes, the less gaps will be available due to data availability.
– This indicator works on charts that have the NWOG already present in chart (i.e. no crypto assets, unless one looks at CME crypto futures such as BTC1! and ETH1!).
– The dollar index's NWOGs have a slightly different timestamp, however this has been taken care of and will allow to be plotted ONLY for the TVC:DXY ticker.
TrandingView struggles to display the indicator correctly for the default view, check out its accurate appearance here:
ICT NWOG/NDOG (fadi)New Week Opening Gap (NWOG) and New Day Opening Gap (NDOG) are areas on the chart where price tend to react to and has the potential of moving from one gap to the next. These gaps can act as support and resistance zones where price can bounce of, or go through and retest. Areas of interest are the high, low, the Consequent Encroachment (C.E.), which is the middle between high and low of each gap.
Event Horizon is the 50% distance between two NWOGs and price tend to react to, and could act as Premium/ Discount between two NWOGs.
New Week Opening Gap (NWOG)
The difference between Friday close, and Sunday open. Consequent Encroachment (C.E.) is the area between two NWOGs.
Settings NWOG
- The Colors in the form of Current/Previous and line style for NWOG
- Background color to use for Current/Previous
- Number of NWOGs to use by the indicator (ICT recommends using minimum of 5)
- Extend Configuration:
-- Always Extend all NWOGs
-- Above and below only Shows the immediate two NWOGs that are above and below current price. These two NWOGs are recalculated as price moves
-- Any that is near current price Any NWOG that is near the current price, this can result in multiple NWOGs being displayed, with some overlapping
- Event Horizon only applicable when using the "Above and below only settings"
New Day Opening Gap (NDOG)
The difference between Yesterday's close and Today's open.
Settings NDOG
- The Colors in the form of Current/Previous and line style for NDOG
- Background color to use for Current/Previous
- Number of NDOGs to use by the indicator, default is 1 but price tend to react to previous ones as well
- Extend Configuration:
-- Always Extend all NDOGs
-- Above and below only Shows the immediate two NDOGs that are above and below current price. These two NDOGs are recalculated as price moves
-- Any that is near current price Any NDOG that is near the current price, this can result in multiple NDOGs being displayed, with some overlapping
Other Settings
Number of candles to use in calculation is used to calculate the size of the candles in order to derive the distance from current price. If current candle sizes is more important than over longer period of time then use 14 or near that number
Factor multiplier for distance test is the number above times X value. Lower timeframes require a higher number than a larger timeframe. If day trading, a value between 10 and 20 is probably best. If swing trading, a value between 5 and 10 is probably best.
Buffer How many candles beyond current price to extend the gaps by. this is helpful to provide cleaner view of the price action
ICT NWOG/NDOG GapsThis indicator reveals the new week opening gaps (NWOG) and new day opening gaps (NDOG) as well as the most recent Regular Trading Hour (RTH) Gap. The NWOG is the gap between Friday's closing price and Sunday's opening price. The NDOG is the gap between the opening price and closing price of the previous day. These gaps can be draws on liquidity as well as general reference points of where the market is and has been.
The RTH gap is the difference between the NY Open price at 9:30AM EST and the previous day's closing price during Regular Trading Hours. This gap can also give you an idea of where the market is headed.
ICT Opening Gaps [MK]
The indicator plots levels which can act as magnets to price. The levels are gap areas which are used within the ICT (The Inner Circle Trader) trading system.
The indicator plots 5 areas of interest:
1: Daily Volume Imbalances - Referencing the Daily chart, boxes are calculated from close to open between all candles. Candles which have only 'wicks' between the close and open prices are considered 'volume imbalances. The boxes can then be shown on LTFs to aid in decision making for intraday traders. Imbalances can be limited to a maximum amount shown and mitigated imbalances can be removed from the chart. All colors can be customised.
Volume Imbalance example:
2: NWOG - New Week Opening Gap - Plotted from Friday Close at 1659 to Sunday Opening at 1800 (EST). The current NWOG can be displayed on its own, or previous weeks can also be shown (ICT recommends the previous 4 weeks also). Boxes are plotted with a midline and all colors can be customised.
New Week Opening Gaps example:
3. NDOG - New Day Opening Gaps - Plotted from day close at 1659 (EST) to restart at 1800 (EST). All colors can be customised. These gaps can be very small so line widths of 3+ are recommended if the lines are to be seen on HTFs
New Day Opening Gap example:
4. New Opening Gap - Plotted from close at 1659 to Session open at 0930 (EST). These areas can possibly be closed/filled after opening at some time. The indicator will draw box to the right of price which shows if the Opening Gap is UP or DOWN. The box will change color to show up or down, or text alone can be used instead of the box. All colors can be customised.
New Opening Gap Box example:
5. 0930 Opening Line - Draws a horizontal line from the opening price at 0930 (EST) to the last bar on the chart. This is the level used to calculate the New Opening Gap. All colors can be customised.
0930 Opening Line example:
Weekly Opening Gap (cryptonnnite)In the context of general equities, opening price that is substantially higher or lower than the previous day's closing price, usually because of some extraordinarily positive or negative news. Opening gap using as a potential target which market usually trades to.
