In a continuous bar/candle stick chart, for a particular period of time,no trading takes place.That area in chart is termed as GAP.
*)Area Gap : Appears inside trading range and volume should be low
*)Breakout Gap : Breakout appears when price give breakout from its trading range.
*)Runaway Gap : High volume trading occurs, and it occurs post breakout the runaway scenario takes place.
*)Exhaustion Gap: Gap appears after trending zone, seems to be runaway gap,filled on same day is considered to exhaustive Gap.
Gaps arises because of overnight news might be positive / negative.
*) Volume traded is low
*) takes place in trending area
*) Filled in near term
*)Breakout Gap : Breakout appears when price give breakout from its trading range.
*) Area may not be filled in near term.
*) Volume traded are high
*) Takes place in trending area
*) Post Breakout gap, runaway takes place
*) Gap willnot be filled in near future
*)Close should be its days high
*)Volumes are distributed evenly during the day
*)Exhaustion Gap: Gap appears after trending zone, seems to be runaway gap,filled on same day is considered to exhaustive Gap.
*)Close should be days low
*)Volume should be high