Gap Filling Strategy: Free TradingView Strategy (Pine Script)

Add It to Your TradingView Chart

1Copy the scriptPress Copy script above, or the copy button on the code below.
2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
3Paste over the templateCreate a new strategy, select all of the template text and paste. Press Save and give it a name.
4Add it to the chartPress Add to chart. The trades and results appear in the Strategy Tester tab; adjust the settings with the gear icon.

Source Code

33 lines of Pine Script v4 from pinescript/editors_picks/gap-filling-strategy.pine, published under MPL-2.0 (file header). Keep the author's credit and licence lines when you reuse it.

gap-filling-strategy.pine

// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © alexgrover

//@version=4
strategy("Gap Filling Strategy",overlay=true)
invert = input(false),clw = input("New Session","Close When:",
  options=["New Session","New Gap","Reverse Position"])
//----
ses = change(time("D")) 
o = open,c = close
//----
upgap = o > high[1] and min(c,o) > max(c[1],o[1])
dngap = o < low[1] and min(c[1],o[1]) > max(c,o)
//----
val = upgap ? max(c[1],o[1]) : min(c[1],o[1])
lim = valuewhen(ses and (upgap or dngap),val,0)
//----
strategy.close_all(clw == "New Session" ? ses :
  clw == "New Gap" ? ses and (upgap or dngap) : false)
if invert
    strategy.entry("Buy", strategy.long, when=ses and upgap)
    strategy.entry("Sell", strategy.short, when=ses and dngap)
else
    strategy.entry("Buy", strategy.long, when=ses and dngap)
    strategy.entry("Sell", strategy.short, when=ses and upgap)
if invert
    strategy.exit("ExitBuy","Buy",stop=lim)
    strategy.exit("ExitSell","Sell",stop=lim)
else
    strategy.exit("ExitBuy","Buy",limit=lim)
    strategy.exit("ExitSell","Sell",limit=lim)
//----
plot(lim,"Limit/Stop",#ff1100,2)

Overview

Gap Filling Strategy marks an up or down gap from the current open and close versus the previous bar, then stores the prior extreme as the fill level. By default it buys down gaps and shorts up gaps, exiting with a limit there. Invert reverses entries so that level is a stop. Close When flattens on a new daily session or new gap, or waits for the opposite signal. Tests use the live close and can change before the bar closes, and no stop exists unless invert is on.

Daily session gap detection
Invertible long and short entries
Limit or stop at the fill level
Close on new session or new gap
Plotted fill level on the chart

Details

Published by

regalouisei on GitHub

Code credit

alexgrover, as written in the script's header

Type

Strategy, Pine Script v4

Draws

On the price chart

Markets

Any symbol

Timeframes

Any timeframe

Risk Notes

Signals can change on the live bar or after it closes (repainting)
The strategy enters trades without a stop loss

File

pinescript/editors_picks/gap-filling-strategy.pine

Repository

github.com/regalouisei/collect-tradingview. See its other scripts in the library

Settings

The inputs you can change from the gear icon on the chart. Defaults are the author's.

Setting	Type	Default	Variable
invert	`bool`	`false`	`invert`
Close When:	`string`	`New Session`	`clw`

Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.

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