Gap Identifier tool

Optuma Forums Optuma Feature Requests Gap Identifier tool

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  • #58067
    Jeffrey A.
    • Topics: 54
    • Replies: 77
    • Posts: 131

    Hi,

    I often thought if Optuma had a gap analyzer tool that it would be useful on a chart layout.

    For example, open/unfilled gaps could be shown visually with a color-specific horizontal line or shaded region. Vice-versa, closed/filled gaps would have an option to display with separate color.

    I was reminded of this by a tweet today I saw, see attached.

    Additionally, if there were script functions, they would be useful in the signal tester. Example: what are results of a signal if there is an open gap below current price. Etc

    OpenGapBelow (true/false)

    OpenGapAbove (true/false)

     

    Jeff

    • This topic was modified 2 years ago by Jeffrey A..
    #58083
    Darren
    • Topics: 70
    • Replies: 832
    • Posts: 902

    Hi Jeff,

    I suspect those horizontal lines may have been drawn manually, although we can use the following to identify gaps:

    Gap up: OPEN() > HIGH()[1] and LOW()>HIGH()[1]

    Gap down: OPEN() < LOW()[1] and HIGH()<LOW()[1]

    These will identify individual bars, as the per the Show Bar tools here:

    Capture

    However, we could then draw the price levels using a Show Plot to see if they were crossed. Here’s the levels for gap ups:

    Capture

    1 user thanked author for this post.
    #58125
    Mathew
    • Topics: 40
    • Replies: 2,017
    • Posts: 2,057

    Hi Jeff,

    Leave this with us – it won’t make 1.6 but it is something we can look at for 1.7.

    The key issue will be to only show unfilled gaps – or show the zone until it gets filled.

    All the best

    Mathew

    1 user thanked author for this post.
    #58175
    Jeffrey A.
    • Topics: 54
    • Replies: 77
    • Posts: 131

    Darren – thanks for these scripts on gaps!

    Mathew – Yes, I agree its the unfilled gaps to identify.   Thanks for considering this! : )

     

    Jeff

     

     

    #59831
    Jeffrey A.
    • Topics: 54
    • Replies: 77
    • Posts: 131

    Hi Mathew & Darren,

    I’m trying to find a way to compare one stock to another based solely on past tendency for a stock to have gaps.  I have been thinking of a method to be able to add a ‘gap risk’ component into a risk model but I don’t know if there is a way to script something like this. Here is what I have thought of:

    A) A variable that adds up all gap space in percentages, up or down  ( example: 15% )
    B) A variable that adds up all non-gap space in percentages, up or down (example: 1000%)

    Then with those data points:
    Divide A into B = .015

    Lets say this .015 is compared to a competitor’s stock that came up with .035 ,  then a conclusion could be the first stock has less ‘gap-risk’ and can a factor into a model..  The comparisons probably would have to start at the same time, example – last 10 years of data, contingent that both stocks have at least that much history.

    Is this possible in scripting?  Or maybe there is a better way to think about this with a different method?

    Jeff

    #59832
    Matthew
    • Topics: 5
    • Replies: 625
    • Posts: 630

    Hi Jeff,

    I think what you’re after is possible with a script.  I’ve included some sample code below and have attached a workbook using the S&P100 constituents to try it on.

    Not sure if it's 100% what you were wanting to do but should point you in the right direction in building your own script.

    • This reply was modified 1 year ago by Matthew.
    1 user thanked author for this post.
    #59843
    Jeffrey A.
    • Topics: 54
    • Replies: 77
    • Posts: 131

    Hi Matthew,

    This is perfect!  I think it was setup to evaluate down-side gaps, but I believe I was able to adjust to capture both.

    Thanks so much so sharing this.

    Jeff

    #61891
    Andrew
    • Topics: 32
    • Replies: 65
    • Posts: 97

    Hi Jeff,

    Leave this with us – it won’t make 1.6 but it is something we can look at for 1.7.

    The key issue will be to only show unfilled gaps – or show the zone until it gets filled.

    All the best

    Mathew

    Hi Matthew

    HNY to you and the team !

    I was doing some work on gaps today and was going to post up a question as described by Jeff above ie. is it possible to display a visual horizontal shaded ‘gap’ where a script identifies a gap up/down.

    I draw them manually at present and can’t shade between the lines, would be a neat visual feature for gaps to display horizontally and shaded if achievable and not too difficult.

    Just thought I’d add my voice to Jeff’s request.

    Best wishes
    Andrew

    #65189
    Darren
    • Topics: 70
    • Replies: 832
    • Posts: 902

    Hi Jeff,

    Just to let you know that the Gap Finder tool has been added to Optuma 2 – you’ll be able to sign up to be a beta tester soon!

    https://help.optuma.com/kb/faq.php?id=1253

    3 users thanked author for this post.
    #65223
    Jeffrey A.
    • Topics: 54
    • Replies: 77
    • Posts: 131

    I’m so happy this made it! You guys are the best.

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