I can give you a formula for a gap up on above average volume.

L > H1 AND V > AVGV30

And you can increase how much volume you need. For example, the following would require more than double average volume.

L > H1 AND V > 2 * AVGV30

You can even check for the gap to be at least a certain percentage (the following requires a 1% gap).

100 * L >= 101 * H1 AND V > 2 * AVGV30

But saying this is going to be a breakaway gap is a bit of a stretch (note that the definitions given rely as much or more on what happens after the gap that at or before the gap). You could check for some sort of consolidation before the breakout, but there really isn't any agreement on an objective definition of consolidation.

For what's it's worth, at least at the market opening, I think of a breakaway gap as one that opens totally outside of the previous day's range. This may not be the classic textbook definition, but that kind of gap gets my attention.

Opening gaps that are within yesterday's range just don't do it for me.

While Bruce is right that there really isn't any agreement on an objective definition of consolidation, perhaps monitoring tickers in a TTM Squeeze for gaps might be worthwhile. Never tried it.

Sorry, just a thought - didn't mean to hijack your thread. Carry on. :)

We now return to our regular programming...

The formulas given would assure that the open wasn't in the previous day's range if used on a daily time frame. But you could re-write them to use the open instead of the low. For example, the first formula would become the following.

O > H1 AND V > AVGC30

Or use whatever time frame you wanted with the original formulas and then add it to the same EasyScan as the following daily Condition Formual.

O > H1

If you wanted to check for the TTM Squeeze, you would want squeeze On to be true for the previous bar.

STDDEV20.1 * 4 <= 3 * ATR20.1

Converting the STDDEV20.1 * 4 <= 3 * ATR20.1 from looking at the previous bar to looking at the current bar can involves removing the bars ago parameters (the .1s at the end of STDDEV and ATR).

STDDEV20 * 4 <= 3 * ATR20

The built in formula for Gappers is as follows.

-1 * (L>H1) + -2 * (H<L1)

It returns 1 if there is a gap up and 2 if there is a gap down. This built in version converts this to Gap Up and Gap Down for display in the WatchList Column, but there is no way to do this on your own.

A Condition Formula for just the Gap Up can be written as follows.

L > H1

A Condition Formula for just the Gap Down can be written as follows.

H < L1

A Condition Formula which returns true for either gap can be written as follows.

L > H1 OR H < L1

You're welcome.