First Candle Gap-Down Fade: Red Candle with Upper Wick

A gap down already tells you sellers arrived overnight. When the first candle then spikes up, leaves an upper wick, and is sold back down to close red near its low, the early bounce was rejected and sellers kept control. This scan reads only the opening candle - gap size against the official previous close, candle colour, upper wick and where it closed in its range - so the list stays fixed once that candle completes. It is the continuation counterpart of the gap down reversal scan, which looks for green first candles.

Stock passes all of the below filters in the ALL segment using 5M candles:

1. 1.First Candle Gap Down % between 1
2. 2.First Candle Body % less than 0
3. 3.First Candle Upper Wick % greater than or equal to 0.3
4. 4.First Candle Close Location % less than or equal to 40
5. 5.Traded Value (Rs lakh) greater than or equal to 500

• •Switch the interval to 5m, 15m or 1h to choose how long the 'first candle' is; the list is fixed once that candle has closed.
• •The upper wick marks where the opening bounce failed; the first candle's high is the level a recovery must reclaim to cancel the setup.
• •On broad market sell-offs many stocks qualify - raise the gap or wick thresholds, or add a volume rule, to narrow the list.

Frequently Asked Questions