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Many investors don’t want to enter a trade if the open is above a certain percent of the previous bar’s closing price. For example, if you are long and the close is $25.00, most investors would not enter a position if the opening price for a trade was $35.00. This indicator allows you to filter out these trades.

First, select whether you want the open above or below the previous bar’s high, low, or close. Then enter the percent value.