Barchart Style Gap Up/Gap Down TOS Scan

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Hi Pete!  I’m trying to run a Gap down scan on TOS with the same format that Barchart offers.  I know that i can find the gap downs on TOS but i’m trying to find the size of the gap and can’t seem to find it when i run it on TOS.  Can you please help?  Thank you 🙂

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Posted by (Questions: 5, Answers: 12)
Asked on October 23, 2017 8:19 pm
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Well we would need to know how the gap down is measured by Barchart.com in order to get an exact match. The other point to make is this solution would need to be implemented in a custom column of a watchlist. Since you don’t what to scan for a value but rather display it. So we’ll need to move this post out of the Stock Scanners topic and into the Watchlists topic.

The solution should be very simple. Add a custom column to a watchlist set to daily time frame. Then add this code in the editor:

plot data = close - close[1];

This single line of code will compute the difference between today’s close and yesterday’s close, when applied to a daily time frame. If there is a gap up, the value will be positive. Negative for gaps down.

However I believe there is a bit more to this. Do you know exactly how Barchart.com computes their gap value? One might consider using the previous day’s high and the current day’s low for a gap up. Then use previous day’s low and current day’s high for a gap down.

Let us know if you can provide more information so we can dial this in further.

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Answered on October 23, 2017 10:10 pm
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hi, this is great. Ok, so i’ve added it to my scan but i don’t know where to find it since i can’t name my “custom study” so when i click on the customize, i get a list but i don’t know where to find  it to add it.  I tried to name the custom and couldn’t so i’m thinking that i’m doing something wrong.  Can you please help.

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Posted by (Questions: 5, Answers: 12)
Answered on October 24, 2017 8:23 am
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by the way Barchart.com takes  the difference between the current session’s open and the previous session’s low price

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Posted by (Questions: 5, Answers: 12)
Answered on October 24, 2017 8:27 am
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Hi, i’m willing to pay you for the code. I just need one ASAP. I’m using barchart.com to find my gaps but i would like to find more on TOS. Barchart measures its gaps by taking the difference between the current session’s open and the previous session’s low price.

( at November 1, 2017 11:48 am)
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Sorry for missing your response on Oct 24th. I would have responded to that right away had I seen it. The screenshot you provided shows that you are modifying custom columns in the results section of the scan screen. If you want to know how to rename those I encourage you to watch our videos in the Watchlist category: https://www.hahn-tech.com/category/tos/watchlists-tos/

Just pick a few of them and you will quickly learn how to build those correctly.

The code for previous day’s low and current day’s open is:
plot data = low[1] – open;
Applied to a daily time frame, this will be the same as “Previous day low minus today’s open”. Positive values indicate the size of the gap down. Negative values would be no gap, or a gap in the other direction.

( at November 1, 2017 12:03 pm)
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In response to additional information provided by Adrianna on Oct 24th I have assembled some screenshots to show the basic steps for setting this up. Before proceeding make sure you have watched the following video: https://www.hahn-tech.com/thinkorswim-custom-watch-list-columns/

These are the steps required:

  1. Change your volume filter to Average_Volume set to daily. The way you are applying a volume filter now would require the daily volume to rise above 200k before the scan would include a stock in the results.
  2. Add a custom column to the results list. You don’t have to name it. The name doesn’t matter. Set the custom column to daily and insert the code: plot data = low[1] – open;
  3. That custom column will display the amount (or size) of the gap.

The last screenshot shows a chart of ANF indicating the gap size calculation.

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Posted by (Questions: 37, Answers: 4118)
Answered on November 1, 2017 3:32 pm
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WOW! You are awesome!!!! I never though to look at those videos to teach me how to customize i code. You have so much amazing content! Thank you so much! You have no idea how much this helps me out. One last question, if i wanted to add the priors days % range taking the priors days high and low and get a percent. How would I put that into a code?

( at November 2, 2017 9:10 am)
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Very glad this is working for you. Awesome. Regarding that percent range request. I’m going to need to see the math for that. The range is high minus low. But how do you want the percent to be figured into the range?
We can do: (high – low) / high
Or (high – low) / close
Or something else entirely?

( at November 2, 2017 9:37 am)
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