This indicator is intended to evaluate the quality of the bullish candles (close > open).
It will calculate the average size of the bullish candles from the last 200 periods. I'm assuming that a bullish candle with a superior wick or shadow equal or less than 25% of the total size of the bar is a good disruption candle. You can adjust at your own taste.
This script measures the maximum and average length of upper and lower wicks. While this can be used as a volatility gauge and to see if there is more support or resistance, it's primary use is to not get wicked out on stops, by adding one of these numbers to the the Moving Average or S/R level that one is using for a Stop, plus maybe a few points of buffer.
- Each moving average has customizable length, type and source
- The ability to change the source of all moving averages with one input (changing an individual MA source will override the general for that MA)
- At a glance comparison of 20 SMA and 20 VWMA to gauge volume trend
- Wick alerts which can be toggled for each moving average.