OPEN-SOURCE SCRIPT
Updated Wicks based RSI
The idea behind this indicator is simple: if there are multiple wicks, let's say to the upside, it means that the price is getting rejected multiple times, hence it signals a possible movement to the downside.
This indicator needs to have small period, to be able to detect wicks and generate signals, since usually bigger wicks disbalance appear for a few candles only.
This is an entry generation indicator. Combine it with a strategy to get the best results.
This indicator needs to have small period, to be able to detect wicks and generate signals, since usually bigger wicks disbalance appear for a few candles only.
This is an entry generation indicator. Combine it with a strategy to get the best results.
Release Notes
I have changed the appearance of the indicator to look nicerOpen-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.