First Candle Gap-Up Reversal
The first candle (09:15 bar of the chosen interval) opened 1-15% above the previous close, then closed red with an upper wick near its low - a gap-up rejected 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
The first candle of the session is where overnight orders meet fresh supply. When a stock opens above the previous close and the very first 5, 15 or 60 minute candle closes red with a long upper wick, buyers were sold into immediately. This scan reads that first candle only - gap size against the last close, candle colour, upper wick and where it closed in its range - so the result does not change as the day moves on.
Scan Rules
Stock passes all of the below filters in the ALL segment using 5M candles:
- 1.First Candle Gap Up % between 1
- 2.First Candle Body % less than 0
- 3.First Candle Upper Wick % greater than or equal to 0.3
- 4.First Candle Close Location % less than or equal to 40
- 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.
- •Use the upper wick as evidence: it marks where the opening spike was rejected.
- •Watch the first candle's low - a break below it is the usual follow-through trigger traders look for.
Frequently Asked Questions
What is a first candle gap up reversal?
A stock opens above the previous day's close, but the first candle (for example the 9:15 15-minute bar) closes below its own open, leaving an upper wick.
Why only the first candle?
The opening candle absorbs the overnight gap. A rejection inside it shows the gap was sold immediately, which is a different message from a fade later in the day.