jaymaynard84

Long Wick Trial

I've created this as a confirmation indicator to help know when market conditions are favorable to enter a trade. It measures volume , volatility , and ATR. It is not intended to tell you when to enter/exit the market, but use it with another indicator such as the mirror macd to filter out many losses and avoid entering the market during low volume or excessive volatility that may trip your stop loss.

Green = Favorable Market conditions
Yellow = Enter with caution, the market is moving sideways but is slightly trending
Orange = Enter with caution, the market is trending but extremely volatile and may trip stop loss early
Black = Shouldn't enter market here, market is moving sideways and volume is also low.
Open-source script

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 a publication is governed by House Rules. You can favorite it to use it on a chart.

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Comments

Wow this is pretty incredible. I have been trying to build a volatility indicator to stay out of ranging markets for months now and while I have had some success, this indicator seems to be much better than most I have found. Really nice work here, I love that you are innovating with a new creation unseen before. I stumbled across your indicator because I was searching for wick indicators before creating my own. I noticed that when the average wick length starts to get bigger than recent bodies (usually more than half an ATR in wick size) and the wicks start showing in both directions (instead of predominantly one direction) it seems to signal a ranging market. I was thinking to create an indicator to read the up and down wick's and combine that with low volume and low volatility measurement to show when there is not enough gas in the market to do anything and hence create a choppiness index. However what you have created seems to be working really well so i'm forward testing it. Thank You. I'm looking forward to any future creations.
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Thanks Pro. intelligent, I am using a tool from you to find market consistency
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