Indicator that shows Wick size

Is there an indicator out there that displays the Wick size of the previous bars in sort of a chart or something?

This would be very useful if you trade wicks...put the EURUSD 5min chart on and trade the opposite direction of wicks that are 10pips or greater and have the stop loss a few pips below the last wick...go for a minimum of 5 pips profit...this seems to be very profitable by eyeballing the charts.

If anyone can come up with this kind of indicator, we have something very profitable on our hands!

Please post, thanks!

something like that is already done here.

http://www.forexfactory.com/showthread.php?t=147239

a bit of modification will do.

Hey there,

I had come upon that thread and indicator and tried to do a little modification but haven't come up with how to show Wick Size instead of Total Candle Size in the chart...what specific part should I mod?

Thanks!

ok when you say wick size, you mean the high minus close and open minus close for an up candle. high minus open, close minus low for a down candle yes? so am I right to say that you'll need 2 lines? 1 for top wick and one for bottom wick? or you just need one of those?

Had that in mind some time ago too.
I'd like something like the RSI with a 0 line in the middle.
Every Wick above the candle is added to >0 and vice versa as
a bar just like the AO etc.
This way you could see when smart money is selling into a bull rally and
the > 0 wick gets bigger.

I could also think of something like "Net Wick Size".
Example. Last bar had a wick of +120 and -120 there is a reading of 0 on the indicator. Meaning "indecision".
Our next bar has a wick of +220 and -40 showing a +180 on the indicator.
This would be a pinbar which could push price down on the next candles.

Not sure if I done it correctly, but here it is.....

It shows you a number of pips above open,
number of pips below open, and the difference betwen them.

Regards

Mhh doesn't seem to be working.
Current daily candle on EUR/USD has a down wick of 220 Pips
and a up wick of 31 Pips. Net Wick should be -189 Pips.
I'd like to have this as a histogram in a sperate window.
Should look like an AO indicator from the "Bill Willimas Section"

The calculation seems to be harder than expected.
There are 2 cases. For a Bear Candle (like the candle i talked about)
The Down Wick is ( Low - Close ) = -220 Pips and upwick is ( High - Open ) = +31 Pips
For a Bull candle up wick is ( High - Close ) and down wick ( Low - Open )

I just bucked this out and I'm not 100% sure it's what you're looking for.

Let me know if it's not what you need, too simple, whatever.


Seavo

That is perfect. All Calculations are correct!
Could you modify it to look like this? See attachment.
I like bars more than lines. With lines you always think
there is something "in between".

Thanks to everyone that replied...I modified the wick.mq4 indicator a little more to get exactly what I was looking for. I even made the indicator show the wick size in Pips. It is attached...

Now, how would you go about setting an Alert for whenever a Wick for the current candle is 10 pips or greater? If you go and eyeball a 5min chart, you can see that trading in the opposite direction of large pips can be very profitable, considering you use practical good judgment in your decisions.

I have tried automating this into an ExpertAdvisor and unfortunately an automated system is designed to just follow a set of SPECIFIC parameters and using this method, a bit of judgment is necessary.

Lets make this work!

Here ya go

Since it should have both up and down values for each bar, I couldn't figure out how to have it show like your MACD style picture, but this is in histogram format so it has bars instead of lines.

I did make a slight modification too... Instead of a fixed 10 pips, I added ATR to the indicator. A quick review shows pretty interesting results Since that's really not part of the original system I set it to not show by default, but you can set ShowAtr to true if you're curious.


Seavo

---Edit---

Whoops! Looks like nebuman213 beat me to the punch thanks nebuman213!

Good job. I'd apply it to higher timeframe. Pinbars etc are more powerfull
on that level. But you have to compare both wicks together. Only if one is 4-5 times lager than the other there is some kind of price action signal. For this a Net Wick Size would still be great as it compare both. With that you could also create an EA. Since you need some kind of hard number to signal a trade opportunity.

Update: Good job with your too Seavo!
With the ATR you can clearly any deviation from the norm. Good signals.

http://www.forexfactory.com/%5BIMG%5....jpg%5B/IMG%5DCould someone have a go at this. I reviewed the indicators in this thread and they are not quite like this one. I have also searched everywhere and can't seem to find the one that is attached. Looks like it should be easy but then again everything looks easy when you're not a coder.

Thanks for any help you can give me.

http://i44.tinypic.com/fleys3.jpg

looks like same thing...
compare them and show what is the difference...

few more opt.: net (& gross)
T, could you tell more what you do wit it?

Great job guys...now i can see a market reversal...u can add volume as the other indicator & u will find the point...

Looks like we all had the same idea.

http://i44.tinypic.com/34sla85.gif

Yes u got it...i make profitable trade on this...if u don't mind can u please attach the notes indi u have it...

Just wick & volume...new revolution...anytime to trade..

Bro,

Can I have the indicator tht u are using on ur chart including wick?

Thks