Long Wick Indicator

9 Okt

This indicator identifies and highlights candles with long wicks, which can be useful for various trading strategies.

Key Features:

1. Timeframe Limitation:
- Optional feature to limit the indicator to specific timeframes
- User can set a maximum timeframe (default: 5 minutes)

2. Customizable Wick-to-Body Ratio:
- User-defined minimum ratio for wick length to body length (default: 0.8)

3. Customizable Visual Indicators:
- Triangles appear above or below candles with long wicks (user can change triangles to another symbol)
- Yellow triangle pointing up: long bottom wick
- Yellow triangle pointing down: long top wick

Functionality:

- Calculates body size and wick sizes for each candle
- Compares wick sizes to body size using the user-defined ratio
- Plots indicators only if the current timeframe is within the specified limit (if enabled)

Usage:

Add this indicator to your TradingView chart to identify potential setups.

Customization:

Users can adjust the wick-to-body ratio and timeframe limitations in the indicator settings to suit their trading style and strategy.