First Candle Gap-Down Reversal
The first candle (09:15 bar of the chosen interval) opened 1-15% below the previous close, then closed green with a lower wick near its high - a gap-down bought inside the very first candle. Pick 5m, 15m or 1h to set the first-candle size; visible once that candle has closed.
About This Scan
When a stock opens below the previous close and the first 5, 15 or 60 minute candle closes green with a long lower wick, sellers were absorbed straight away. This scan reads only that opening candle - gap size against the last close, candle colour, lower wick and close location - so the list stays fixed once the candle completes.
Scan Rules
Stock passes all of the below filters in the ALL segment using 5M candles:
- 1.First Candle Gap Down % between 1
- 2.First Candle Body % greater than 0
- 3.First Candle Lower Wick % greater than or equal to 0.3
- 4.First Candle Close Location % greater than or equal to 60
- 5.Traded Value (Rs lakh) greater than or equal to 500
How To Use This Scan
- •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 lower wick marks where the opening dip was bought.
- •The first candle's high is the level traders watch for confirmation; the first candle's low is the level that invalidates the idea.
Frequently Asked Questions
What is a first candle gap down reversal?
A stock opens below the previous day's close but the first candle closes above its own open, leaving a lower wick.
Are these setups common?
Less common than gap up fades. On many sessions only a handful of liquid stocks qualify, so an empty list is normal.