Custom GAP UP scanner for NIFTY Stocks
Dec 25, 2020
The Custom GAP UP scanner for NIFTY Stocks tool allows traders to simultaneously monitor multiple NIFTY 50 securities for specific gap-up conditions within a single chart interface.
Usage
The tool is designed to identify stocks within a predefined list that have opened at a price at least 0.25% higher than the previous day's close. When the condition is met, the ticker symbol of the qualifying stock is displayed in a label on the right side of the chart.
Traders can use this scanner to:
- Identify potential momentum plays during the market open.
- Monitor a broad selection of 40 NIFTY stocks without manually switching charts.
- Receive automated alerts when any of the monitored stocks satisfy the gap-up criteria.
Details
The script utilizes the request.security function to fetch daily data for a hardcoded list of 40 prominent NIFTY stocks. By centralizing these requests, the script bypasses the need for multiple indicator instances. The core logic defines a gap-up as open > (close[1] * 1.0025). This specific threshold is used to filter out minor price fluctuations and highlight significant opening strength. The results are aggregated and presented in a dynamic label that updates on the last bar of the chart.
Settings
This script does not feature an external inputs menu, as the symbols and conditions are hardcoded into the Pine Script for optimized performance across the specified 40 tickers.
- Symbol List: Monitors a fixed list of 40 NIFTY securities including RELIANCE, HDFCBANK, INFY, SBIN, and others.
- Gap Threshold: Set to a 0.25% increase from the previous close.
FAQ
How do I access Custom GAP UP scanner for NIFTY Stocks?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
Can I change the stocks being scanned?
Yes, users with access to the source code can modify the ticker strings within the request.security functions to track different securities.
Does this indicator work on intraday timeframes?
While the script fetches daily ('D') data for the gap calculation, it can be added to any intraday chart to display the daily gap-up results for the monitored NIFTY 40 list.
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