Multiple Wicks forming at OverSold & OverBought levels create Buying and Selling Pressure. This Script tries to capture the essence of the buy and sell pressure created by those wicks. Wick pressure shows that the trend is Exhausted.
How it works: This Wick Pressure Indicator checks for three candles forming the wicks in overbought and oversold zones. The zones are set by RSI and can be changed in settings. Those three candles should form a bit long wick and length of the wick is determined by ATR. The ATR multiple can be changed from settings. And then the script draws a box in the area formed by three candle wicks.
Confluence: This indicator should not be used on its own. You should include it in your existing trading strategy. Any indicator should be rigorously tested before making any real trades.
Settings is the Key: Settings are key to all of my indicators. Play around with it a bit. Change the ATR multiplier. Read the tooltips to understand what each settings mean. Tooltips are the (i) button in-front of each settings.
FAQs: Q. Does the indicator Repaint ? --- No. None of my indicators repaints. What you see now is what's drawn in real time. Q. Indicator doesn't show anything ? --- Maybe you've messed up the settings so reset it. or try different coin/stock. Q. Does this indicator give financial advice? --- No. Nope. Nein. Não. नहीं.
Conclusion: This indicator is very basic but if used correctly it can be very powerful. Hit me up if you'd like to see the screener/scanner for this or any of my indicators. If you have any questions or suggestions feel free to comment below. I'd love to connect with you. Thank you.
1) Sir, instead of using RSI, use day high or day low...It is giving best result on day high and day low....2) If candle form new day high or day low and closed above previous candle close, then box and alert should form....
financialHunte44859
⋅
Sir, Please add Alert of buy, sell, SL, target......Very nice script.....Love it......Thank you so much