Gap and Fair Value Gap Entries with ATR Targets and Stops

Summary

This script signals long trades when price crosses above the lowest low of a recent lookback or when a bullish fair value gap is detected; short signals use a cross below the recent highest high or a bearish gap. On each signal, it submits five same-direction entries with take-profit prices set at different ATR multiples and a stop placed at an ATR-based distance. It also displays the signal, price levels, elapsed time since the trigger, and a progress measure based on price change from the trigger close.

The document presents the rules and chart display features but gives no backtest results or evidence that the signals predict profitable moves. Its gap detection compares the current open with the prior bar’s range, while the fair value gap checks use bars two periods apart. The script has no session filter, and the displayed progress is based on direction-sensitive price change only for longs; the code clamps negative readings to zero. The fixed ATR distances and simultaneous entries do not establish actual risk control or account for execution costs, changing volatility after entry, or whether all displayed targets can be reached.

Key ideas

• Long and short signals combine recent extreme-price crossovers with directional fair value gap conditions.
• Each signal submits five entries with separate ATR-multiple profit targets and a shared ATR-based stop distance.
• The chart table tracks the trigger price, target levels, stop, elapsed time, and a capped progress display.
• The document supplies no performance evidence, and it does not model execution costs or post-entry changes in volatility.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.