The Post-Open Opening Gap patterns are based on information related to the gap. The gap information is based on using regular trading hours.
Gap - The difference between the closing price of the prior session and the opening price of the next session. We use regular trading hours to determine gaps. (Note: some traders define a gap as the difference between the prior day high or low and the next day’s opening price, however that is not the way we define a gap on our platform.)
Gap Filled - The gap is considered filled once the current session trades at the prior session’s closing price.
Gap Not filled - The gap is considered not filled when the low of the current session is greater than the prior session close or the high of the current session is less than the prior session close.
Gap 1/2 Filled - Gap ½ Filled (sometimes called half gap) is a pattern that looks at the distance between the current session's regular trading hours opening price and the prior session’s regular trading hours closing price. The distance between those two prices is measured, and when the current session’s price retraces towards the prior session closing price at least 50% of that distance, the criteria is met.
For example, let's assume the prior session closed at 2500. The current session opened at 2490. The gap in this example is 10 points (2500-2490) ½ gap would be 5 points. Price would need to trade 2495 in this example for the Gap ½ Filled criteria to be met.
Gap Filled Plus 1/2 Gap Size - Gap Filled plus ½ Gap size is a pattern that uses 50% of the gap size as a projection beyond the prior close. Once price retraces through the prior session closing price plus an additional 50% of the gap beyond the prior session closing price the criteria is met.
For example, let's assume the prior session closed at 2500. The current session opened at 2490. The gap in this example is 10 points (2500-2490) ½ gap would be 5 points. Price would need to trade 2505 in this example for the Gap Filled Plus ½ Gap Size criteria to be met.
Gap Filled Plus Full Gap Size - Gap Filled Plus Full Gap size is a pattern that uses 100% of the gap size as a projection beyond the prior close. Once price retraces through the prior session closing price plus an additional 100% of the gap beyond the prior session closing price the criteria is met.
For example, let's assume the prior session closed at 2500. The current session opened at 2490. The gap in this example is 10 points (2500-2490). Price would need to trade 2510 in this example for the Gap Filled Plus Full Gap Size criteria to be met.