Candle Wick Patterns Alerts & Liquidity Targets
Quite simply a wick is formed by price being moved to an extreme by one side, then price being pushed back by the other side.
This can show increased pressure by one side, reduced or increased momentum, or exhaustion by another side.
This indicator while simple, is extremely powerful and versatile and can be set up to recognize numerous types of candle wick and therefore suit numerous trading styles.
The settings as to how wicks are highlighted are:
- Timeframe - view wicks on a higher timeframe while trading on a lower timeframe
- Minimum Wick to Body Ratio - increasing this value will look for wicks who are at least n times larger than the candle body. The most obvious examples here are Doji's - hammer, gravestone, dragonfly, etc. These can indicate trend reversals, indecision and changing momentum.
- Minimum Candle Body as percent of price - this value makes sure that any wick highlighted, belongs to a candle with a body that is at least n% of the price. A higher value is likely to show price momentum is stronger in a particular direction, good for confirming a trend.
- Minimum Candle Wick as percent of price - similar to candle bodies, this value will make sure the candle wick is at least n% of the price. This will identify large fluctuations in price, and if you are familiar with smart money concepts, an increasingly popular strategy is to target 50% of the wick being filled (liquidity).
- Show half fill level of wick - As above, this can provide a good target, which price will be drawn to, depending on the wick.
Finally, the indicator can be used to create alerts when a new wick that meets your settings criteria, is formed.
And don't forget you can add the indicator multiple times, with different settings to cover multiple scenarios and timeframes!
I've added a moving average to the indicator settings. You can choose the type of moving average, period and source (price and volume).
There is now an additional optional test to check if the current price/volume is greater than or less than the moving average by a certain multiplier.
Combining this with the candle wick and body configurations will allow you greater control in identifying reversals, sweeps, momentum changes and much more!
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Penafian
Skrip jemputan sahaja
Hanya pengguna yang diberikan kebenaran oleh penulis mempunyai akses kepada skrip ini dan ini selalunya memerlukan pembayaran. Anda boleh menambahkan skrip kepada kegemaran anda tetapi anda hanya boleh menggunakannya selepas meminta kebenaran dan mendapatkannya daripada penulis — ketarhui lebih lanjut di sini. Untuk lebih butiran, ikuti arahan penulis di bawah atau hubungi Texmoonbeam secara terus.
TradingView tidak menyarankan pembayaran untuk atau menggunakan skrip kecuali anda benar-benar mempercayai penulisnya dan memahami bagaimana ia berfungsi. Anda juga boleh mendapatkan alternatif sumber terbuka lain yang percuma dalam skrip komuniti kami.
Arahan penulis
Amaran: sila baca panduan kami untuk skrip jemputan sahaja sebelum memohon akses.