scarf

Wick Delta Buy/Sell Pressure

If you think of a perfect doji candle, where the wicks on top and bottom are exactly the same, that's a candle with a delta of 0. What this indicator does is show the delta/difference between wicks, if the top wick is longer than the bottom wick it show's sell pressure/bear interest, which is displayed as a red bar and vice versa for buy/bull pressure, which is shown as green bars. I added arrows for clarity.

It's a different way of visualising wicks, which can clarify sentiment and be a useful way to understand wicks better in general. One way to use it is to look for clusters of 3/4 larger bars in a row, which generally helps to determine future direction especially when seen at important levels.
Release Notes: Updated to highlight the bigger/more important wicks
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.

Want to use this script on a chart?

Comments

You have such a good ideas and you are capable to express them. Thank you
+3 Reply
Appreciated your effort and generosity scarf =D
+2 Reply
i like how you think...!tx!
+1 Reply
any idea how to move averaging this?

perhaps a moving average of buyers and another moving average of sellers.

The volume serves to accompany the price therefore a moving average would be more visual than just seeing a column.
Reply
Amazing.
Reply
cool idea!!
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out