This indicator displays New Week/Day Opening Gaps alongside Event Horizon PD Arrays which were conceptualized by a trader, ICT.
๐ถ SETTINGS
Show: Determines if new week opening gaps (NWOG) or new day opening gaps (NDOG) are shown.
Amount: Controls the amount of most recent NWOGs/NDOGs to display on the chart.
Show EHPDA: Displays Event Horizons PD arrays.
๐ถ USAGE
New Week/Day Opening Gaps are generally used as potential support or resistance areas.
Trader ICT describes that under consolidating market conditions, price tends to revert towards the opening gap area. This is consistent with other analysis suggesting that price has a tendency to come back toward gaps, ultimately looking to fill them.
ICT also introduces a novel concept, the "Event Horizon PD Array" (EHPDA) which are intermediary levels constructed from the average between the neighboring NWOGs or NDOGs.
EHPDA's are described by ICT as levels that "will not allow price to escape to the NWOG that will create a surge towards the NWOG it got too "close" to but has not yet reached."
Some comments/suggestions: 1. The Opacity doesn't work. If I make it 0% the lines still show. 2. I cannot separately change the number of NWOG and NDOG that appears on the chart. Whatever value you select for the one also applies to the other, so you can't show 8 NWOG and 1 NDOG. 3. Would be great if there was an option to choose whether to show NWOG, NDOG or both. 4. When both NDOG and NWOG are selected, NDOG should exclude the weekend since that is already included in NWOG. Currently it is doubling up.
Thanks!
melikatrader94
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Your passion for the financial markets is contagious. Your dedication to your craft is an inspiration to all of us in the industry.
johnk1863
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Congratulations to the LUX algorithm team on the release of their new ICT-related indicator on TradingView. Your dedication and hard work in providing valuable tools for traders are greatly appreciated. I'm looking forward to seeing the master pattern and value line indicators in the near future. Continue your excellent work!"
defihellion
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you had me at new lux but won me with new ICT from lux
jewlstagara
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This is so goofy. NWOG is Friday's close to Sunday's Open and another way ICT mentions is Fridays close to Monday's NY Open and the price doesn't have to gap down by the bodies and wicks either. this indicator is literally useless.
jasond1
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Might be interesting also if, in addition to price labels and dates, if it would work for Forex Pairs. I suppose I can just use it on Forex Futures, however.
TriftyTrader
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thank you very much, LuxAlgo, this is a must have, if you are serious monitoring important support/resistance areas.
xel_arjona
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Nice and clean against other scripts doing the same! Would be helpful a toggle in order to use RTH / ETH levels and as a plus, use parent "continuous" ticker for better historic events when using trimestral tickers or Micros as some broker APIs in TV not allow to trade on continuous contracts.
TheEconomyCreator
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Can you add the ability to allow the user to set it to show both NWOG and NDOG as opposed to one or the other?
MujeebKhanFDA
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@TheEconomyCreator, It is weird to not have such an option on the best NWOG/NDOG indicator on tradingview! Hope they will give that!
Some comments/suggestions:
1. The Opacity doesn't work. If I make it 0% the lines still show.
2. I cannot separately change the number of NWOG and NDOG that appears on the chart. Whatever value you select for the one also applies to the other, so you can't show 8 NWOG and 1 NDOG.
3. Would be great if there was an option to choose whether to show NWOG, NDOG or both.
4. When both NDOG and NWOG are selected, NDOG should exclude the weekend since that is already included in NWOG. Currently it is doubling up.
Thanks!