Coding Wick Percentage Indicator! | Forex Factory

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Coding Wick Percentage Indicator!

  • #1
  • First Post: Edited Feb 10, 2013 4:33am Feb 9, 2013 10:16pm | Edited Feb 10, 2013 4:33am
Hello!
I've got an interesting one for you all...
I need to work out how to code an indicator that that can calculate the percentage of the upper and lower wick of an given candle. Then can be limited to ONLY show results BELOW a certain number.
For example: I specify that my desired percent limit is 10%. So the indicator can look thought all the candles and only show me the candles where the upper wick is 10% or less and the bottom wick is 10% or less. IF a candle has wicks where BOTH upper and lower meet that criteria! Then the indicator points it out.



While I'd like to be able to choose the percent limit myself (hopefully a setting where I can specify it.) I just want the indicator to pop an arrow or something under the candle that qualifies - No specific numbers, etc... just some simple symbol.


Can anyone help me? I suck at coding and the mods I've tried to do to codes that are close have ended up really buggy..


Really appreciate some guidance on this!

Thanks alot!
  • #2
  • Feb 10, 2013 4:58am Feb 10, 2013 4:58am
just curious! how does that going to help with trading?
  • #3
  • Feb 10, 2013 8:32am Feb 10, 2013 8:32am
It is quite simple to compute the wick size as a percentage of the bar range:

Inserted Code
double range = High[i] - Low[i];
double up_wick, low_wick;
if ( range > 0 ) {
  up_wick = (High[i] - MathMax(Open[i], Close[i])) / range;
  low_wick = (MathMin(Open[i], Close[i]) - Low[i]) / range;
  if ( up_wick <= MaxWickSize && low_wick <= MaxWickSize ) {
    // write a non-empty value in the indicator buffer, e.g. Low[i] - 50*Point to have an arrow printed 5 pips below the low of the candle
  }
}

MaxWickSize should be a double parameter between 0 and 1.
  • #4
  • Edited 5:02pm Feb 10, 2013 4:51pm | Edited 5:02pm
Barbossa
First off thanks for taking the time to reply - You seem to have the hang of this stuff and I am so appreciative of someone whose got a leg up on this giving me a hand with this... Going to now demonstrate how green I am at coding - I tried to compile the code you wrote and it generated a bunch of errors.
Now I figure that what you have done is write the part of code to correct where I went wrong, heres the problem, I don't even know where I'm going wrong...
I'm trying to learn this coding gig but its a bit tough going from no experience in coding and just using manuals online...

I'm going to lay out the conditions of what I want the indicator to do:
ANY help you can give me with putting it together will be so gratefully received...

1) The Indicator will display a arrow (or smiley face, etc...) when the specified criteria are met.

2) The Indicator will work out the PERCENTAGE of the WICK in comparison to the OVERALL candle (High/Low).
a) It will work out The High Wick Percentage, and The Low Wick Percentage INDEPENDENTLY.
3) The Indicator will have a numerical value (in percent) that can be set as a personal tolerance.
Ie: I could enter '10%' and it will show results only for criteria BELOW 10%, (Or 5%, or 25%, etc...)
The figure should be arbitrary and to the specific users preference.

4) The 3 possible scenarios it should be able to filter for are as follows:
A) IF a BULL Bar – The pre-defined tolerance filter is only applied to TOP of Wick
B) If a BEAR Bar – The pre-defined tolerance filter is only applied to BOTTOM of Wick
C) An option to switch on the pre-defined tolerance filter for only when BOTH TOP & BOTTOM criteria to be met

Because the indicator works by simply saying whether a candle meets the conditions or not - I do not want it to display the actual numeric value of the candle wicks that do qualify - that is irrelevant.

Anyone out there game for a challenge??

Thankyou very much for your help…

For those who are interested in any part of this project, PM me...

Thanks once again...
  • #5
  • Feb 10, 2013 5:04pm Feb 10, 2013 5:04pm
Hey Pickers!

This is a momentum play. Candles that display such strength as to open and close without a huge degree of wick show very strong and consistent market orderflow.
If I get this coded - I have 5 theoretical plays that it could be used for. I'll back test each scenario and see which one is the most profitable.

Ps: This WILL work - And I'm looking to give as I receive on this one!
Anyone who helps me put this together I will PM you my personal trading strategy after I have back tested it.

Then I'll buy you a beer on a beach in Honolulu when we're both filthy rich...
  • #6
  • Feb 11, 2013 2:47am Feb 11, 2013 2:47am
I dont have indicator experience so could only code in EA form. Dump it in EA directory and reopen your program. The user define extern variable should be self explanatory. One thing to note about looking at "price action" is that different brokers and different time frames might reflect price actions differently. Good Luckm have fun and show us something interesting!
Attached File(s)
File Type: mq4 Wicked.mq4   8 KB | 1,152 downloads
  • #7
  • Last Post: Oct 1, 2021 5:47pm Oct 1, 2021 5:47pm
Quoting pickers
I dont have indicator experience so could only code in EA form. Dump it in EA directory and reopen your program. The user define extern variable should be self explanatory. One thing to note about looking at "price action" is that different brokers and different time frames might reflect price actions differently. Good Luckm have fun and show us something interesting! {file}
hi, hope all is well to you.

i tried your script or an indicator wicked but theres so many objects plotted on chart. try to minimize it just according to max wick strong wick only whether its up or down or top or bottom.

thanks. hope to hear from you.
again, thank you for the file youve shared.
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