OPEN-SOURCE SCRIPT
Candle wick average
This tool shows all 4 values: (Candle chart can describe the size)
- Average wick length below It is calculated as the length of the candle wick under the rising candlestick. calculated average (AVG) and Standard Deviation (STDEV). plot on the chart at the current bar using (open price ) - (average + STDEV ).
- Average wick + average body above(high - open) is calculated from the upper wick and upper body wick length of the rising candle. take Average (AVG) and standard deviation (STDEV). plot on the chart at the current bar using (open price) + (average + 2*STDEV)
- The other 2 values are calculated in the same way. But using the data of the candlestick that the price has moved down.
Usage example
- Use the average of the lower wick length to determine the SL for buy order.
- Use the average wick length and the candle above to set the TP for buy order.
- The other 2 values use in the same way for sell order
- Average wick length below It is calculated as the length of the candle wick under the rising candlestick. calculated average (AVG) and Standard Deviation (STDEV). plot on the chart at the current bar using (open price ) - (average + STDEV ).
- Average wick + average body above(high - open) is calculated from the upper wick and upper body wick length of the rising candle. take Average (AVG) and standard deviation (STDEV). plot on the chart at the current bar using (open price) + (average + 2*STDEV)
- The other 2 values are calculated in the same way. But using the data of the candlestick that the price has moved down.
Usage example
- Use the average of the lower wick length to determine the SL for buy order.
- Use the average wick length and the candle above to set the TP for buy order.
- The other 2 values use in the same way for sell order
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 publication is governed by House rules. You can favorite it to use it on a chart.
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