OPEN-SOURCE SCRIPT
Wicks based RSI
Updated
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 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.
Disclaimer
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