2007 Jan: Gauging Gap Opportunities

[eSignal_JasonK]

File Name: Filled_Gaps.efs

Description:
This study is based on the January 2007 Market Pulse article, Gauging Gap Opportunities, by David Bukey.

Formula Parameters:
Filled Gap Price Bar Color: lime
Fill Target Color: blue
Fill Target Thickness: 2
Limit for # of bars to fill gap.: 5

Notes:
The related article is copyrighted material. If you are not a subscriber of Active Trader Magazine, please visit www.activetradermag.com.


Download File:
Filled_Gaps.efs



EFS Code:

/***************************************
Provided By : eSignal (c) Copyright 2006
Description:  Gauging Gap Opportunities 
              by David Bukey

Version 1.0  11/10/2006

Notes:
* Jan 2007 Issue of Active Trader Magazine
* Study requires version 8.0 or later.


Formula Parameters:                     Default:
Filled Gap Price Bar Color              lime
Fill Target Color                       blue
Fill Target Thickness                   2
Limit for # of bars to fill gap.        5
*****************************************************************/

function preMain() {
    setPriceStudy(true);
    setStudyTitle("Filled Gaps ");
    setCursorLabelName("Fill Target", 0);
    setShowTitleParameters(false);    
    setPlotType(PLOTTYPE_FLATLINES, 0);
    setColorPriceBars(true);
    setDefaultPriceBarColor(Color.grey);

    var fp1 = new FunctionParameter("nFillColor", FunctionParameter.COLOR);
        fp1.setName("Filled Gap Price Bar Color");
        fp1.setDefault(Color.lime);
    var fp2 = new FunctionParameter("nColor", FunctionParameter.COLOR);
        fp2.setName("Fill Target Color");
        fp2.setDefault(Color.blue);
    var fp3 = new FunctionParameter("nThick", FunctionParameter.NUMBER);
        fp3.setName("Fill Target Thickness");
        fp3.setLowerLimit(1);
        fp3.setDefault(2);    
    var fp4 = new FunctionParameter("nLimit", FunctionParameter.NUMBER);
        fp4.setName("Limit for # of bars to fill gap.");
        fp4.setLowerLimit(1);
        fp4.setDefault(5);    
}

// Global Variables
var bVersion  = null;    // Version flag
var bInit     = false;   // Initialization flag

var nFill = null;
var nCount = 0;
var nGap = 0;

function main(nFillColor, nColor, nThick, nLimit) {
    if (bVersion == null) bVersion = verify();
    if (bVersion == false) return;    

    var nState = getBarState();
    
    //Initialization
    if (bInit == false) {
        setDefaultBarFgColor(nColor, 0);
        setDefaultBarThickness(nThick, 0);
        bInit = true;
    }
    
    var nH_2 = high(-2);
    var nH_1 = high(-1);
    var nH_0 = high(0);
    var nL_2 = low(-2);
    var nL_1 = low(-1);
    var nL_0 = low(0);
    if (nH_2 == null || nL_2 == null) return;


    if (nState == BARSTATE_NEWBAR  && nCount > 0) {        
        if (nGap != 0) {
            nCount++;
            if (nCount > nLimit) {
                nCount = 0;
                nGap = 0;
                nFill = null;
            }
        } else {
            nFill = null;
        }
    } else if (nCount <= 1) {    // first gap bar
        if (nL_0 > nH_1 ) {
            nCount = 1
            nFill = nH_1;
            nGap = 1;
            drawShapeRelative(0, (nFill+nL_0)/2, Shape.UPARROW, 
                null, Color.red, null, "gap"+rawtime(0));
        }
        if (nH_0 < nL_1 ) {
            nCount = 1;
            nFill = nL_1;
            nGap = -1;
            drawShapeRelative(0, (nFill+nH_0)/2, Shape.DOWNARROW, 
                null, Color.red, null, "gap"+rawtime(0));
        }
        if (nL_0 <= nH_1 && nH_0 >= nL_1) {
            nCount = 0;
            nFill = null;
            nGap = 0;
            removeShape("gap"+rawtime(0));
        }
    }

    if (nCount > 1) {  // Filled Gap check
        if ( (nGap == 1 && nL_0 <= nFill) || (nGap == -1 && nH_0 >= nFill) ) {
            setPriceBarColor(nFillColor);
            nGap = 0;
            nCount = 0;
        }
    }
    
    
    return nFill;
}


function verify() {
    var b = false;
    if (getBuildNumber() < 779) {
        drawTextAbsolute(5, 35, "This study requires version 8.0 or later.", 
            Color.white, Color.blue, Text.RELATIVETOBOTTOM|Text.RELATIVETOLEFT|Text.BOLD|Text.LEFT,
            null, 13, "error");
        drawTextAbsolute(5, 20, "Click HERE to upgrade.@URL=http://www.esignal.com/download/default.asp", 
            Color.white, Color.blue, Text.RELATIVETOBOTTOM|Text.RELATIVETOLEFT|Text.BOLD|Text.LEFT,
            null, 13, "upgrade");
        return b;
    } else {
        b = true;
    }
    
    return b;
}