Quote from Trvlwanderer:
TheRumpledOne created it. A search for fading the gap should do it. You can customize the market to scan (NAZ 100, S&P etc., or all markets). Its a great display and can be tweaked easily to add additional indicators.
I've used "gappers" as an additional strategy the past 4 months (thanks to some great discussion on stockfetcher, mainly TheRumpledOne) The most important thing I have found is "knowing the stock and how it bahaves. For example.....AMGN, BMET, GENZ, BIIB, and SHLD are all stocks that fill the gap over 80% of the time. Those are great odds. Learn the stock and run with the behavior it indicates.
I use no inidicators except RSI (helps or hinders?), just volume, price, and a look at S/R and the pivot.
Stops? You figure this out and let us all know. I use a dollar amount as the stop as well as for my target (ie. loss $200, profit $400). All "gapper" day trades are 2:1 reward to risk for me. The only time it fails is when I deviate from my own damn rules.
Hope that helps.