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How the Gap ($) filter measures a gap.
The fill, alert by alert
Gap Up Reversal: a gap up crosses back down through yesterday’s close, the first time since the open.
Gap Down Reversal: a gap down crosses back up through yesterday’s close.
Both alerts show the size of the gap, so you can skip tiny fills. Use Gap ($) with a minimum of 0.50 and a maximum of -0.50. That keeps gaps of at least $0.50 up or down, the ones worth fading.
Example numbers, not a real trade
Gap up fills back to the close. Example numbers, not a real trade.
A partial fill that turns and keeps going is a different setup. That one lives on the gap and go scanner.
Fading gaps without guessing
Gap fill traders bet the opening move was too much. That can work, but fading a gap that still has buyers behind it gets expensive fast. The point of the scan is to wait until the market shows its hand.
Trader tip
Some rules of thumb fade traders use. Bigger gaps on no news fill more often than gaps on real earnings. Gaps into an old resistance level tend to stall there. And a gap that has already given back half of itself by 10:00 has shown you who is in charge.
A starting recipe: a gap of at least $0.50 either way (Gap ($) minimum 0.50, maximum -0.50), price over $10, relative volume over 1.5 so you aren’t fading a sleepy name. Then let the gap up reversal and gap down reversal alerts mark the moment the gap is gone. Each one fires the first time price crosses yesterday’s close after the open.
Trader tip
Example, made-up numbers. A $90 stock gaps up to $93.50 on an analyst note, no new numbers from the company. It tops out at $94 in the first ten minutes and starts leaking lower. By 10:20 it is at $91.80, half the gap gone. At 11:05 it trades $89.98 and the gap up reversal alert fires. A trader who sold short at the half-fill had the alert as the target. A trader who waited for the alert knows the gap is officially closed and can look for a short under the close.
Gap downs fill the other way. A $25 stock gaps down to $23.80 on a market wobble, holds $23.50, and grinds higher all morning. When it trades back over $25, the gap down reversal alert goes off. Some traders buy that cross, with a stop back under the close.
One honest warning. A gap can fill weeks later, or never. The alert tells you when it happens today; it doesn’t predict that it will.
Trader tip
Size matters on fades more than most setups. A gap that refuses to fill can run against you all morning, so many fade traders start with a smaller position and add only after the half-fill shows sellers are in control. And if a stock with real earnings news is holding its gap into 10:30, most experienced faders just leave it alone and look for an easier one.
