New Daily/Weekly Opening Gap Indicator on ICT to TradingView - Free - [TFlab]

The NDOG/NWOG Indicator is designed to identify and plot Opening Gaps for the TradingView platform.

This indicator provides a new and distinct approach to understanding the significance of these gaps using the ICT (Inner Circle Trader) analytical style.

In the ICT methodology, these areas are considered Support and Resistance zones. Prices are expected to often return to these areas and react to them.

Specifications of the Daily/Weekly Opening Gap Indicator

The information in the table below details the settings of the Daily/Weekly Gap Opening Indicator:

Performance in an Uptrend

The USD/NZD price chart in the 4-hour timeframe demonstrates the indicator's performance in an uptrend. The indicator plots the Weekly Opening Gap (NWOG) using a yellow box, and after the price returns to this area, it reacts and begins an uptrend.

Performance in a Downtrend

Using a light blue box, the indicator displays the Daily Opening Gap (NDOG) on the Silver/U.S. Dollar chart in the 4-hour timeframe. It resumes a downtrend after the price returns and interacts with the gap.

Indicator Settings

Reviewing the settings of the "NDOG/NWOG" indicator as shown below:

• Show Daily Opening Range: Display daily opening gaps;
• Max Opening Range Update Method: Method for updating the daily opening range;
• Max Opening Range Update: The maximum number of updates allowed is 5;
• Show Weekly Opening Range: Display weekly opening gaps;
• Max Opening Range Update Method: Method for updating the weekly opening range;
• Max Opening Range Update: The maximum number of updates allowed is 4;
• Show Monthly Opening Range: Display monthly opening gaps;
• Max Opening Range Update Method: Method for updating the monthly opening range;
• Max Opening Range Update: The maximum number of updates allowed is 12.

Conclusion

The Daily and Weekly Opening Gap Indicator (NDOG/NWOG) plots the price differences between a trading symbol's opening and closing prices on a daily, weekly, and monthly scale.

Prices often return to these gaps and fill them, presenting favorable opportunities for entering trades. Price gaps (particularly in the ICT trading style) are also considered Support and Resistance zones.