This indicator identifies and highlights candles with long wicks, which can be useful for various trading strategies.
Key Features:
1. Timeframe Limitation: - Optional feature to limit the indicator to specific timeframes - User can set a maximum timeframe (default: 5 minutes)
2. Customizable Wick-to-Body Ratio: - User-defined minimum ratio for wick length to body length (default: 0.8)
3. Customizable Visual Indicators: - Triangles appear above or below candles with long wicks (user can change triangles to another symbol) - Yellow triangle pointing up: long bottom wick - Yellow triangle pointing down: long top wick
Functionality:
- Calculates body size and wick sizes for each candle - Compares wick sizes to body size using the user-defined ratio - Plots indicators only if the current timeframe is within the specified limit (if enabled)
Usage:
Add this indicator to your TradingView chart to identify potential setups.
Customization:
Users can adjust the wick-to-body ratio and timeframe limitations in the indicator settings to suit their trading style and strategy.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publications is governed by House rules. Você pode favoritá-lo para usá-lo em um gráfico.
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