The top and bottom of this indicator use the same logic as my Wick Delta script, but it displays differently, visualising the rejection or buy/sell pressure that wicks can represent. Outliers are highlighted in darker colours and often show inflection points, particular if they've just wicked into liquidity. So the start or end of moves, or a trend change. They can also happen for no reason, or just be a stop hunt. It's all about context, like everything in technical analysis.
The new addition is the centre line which shows whether wicks or bodies or in charge. Kinda like Average True Range (ATR) this script calculates Average True Bodies (ATBs) and compares it with Average True Wicks (ATWs) and shows when one or the other is in charge. So if candle wicks are bigger (>50%) than bodies, you'll see skinny, wick-like columns, and if the bodies are bigger you'll seen thicker, body-like columns. These can show inflection points too.
Keen to hear how people use this, and I intend to add a volume weighting feature when I get to it.
Catatan Rilis
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The top and bottom columns now match candle bias colours, i.e. red or green
This indicator is quite unique, Thank you for the sharing, very appreciated 😊💕
LucF
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Hehe, Wizard ) Nice seeing you come up with new stuff. Love it.
pakeha
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I use the Wick Delta script and prefer it. As you mentioned, it is all about context and applying the outliers correctly (e.g. with the trend, at S/R levels etc)... don't take every signal blindly. With a volume weighting, you will start getting into VSA territory :)
Neos78
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Thank you very useful indicator
IB300XnB4AI
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Using on Tether .. middle line .. really helps along side a proper heatmap.. thankyou