Candle Wick Patterns Alerts & Liquidity Targets
Hello Traders,
Candle wicks are more than just chart elements; they offer invaluable insights into the ebb and flow of price action and technical analysis. Wicks capture the tug of war between buyers and sellers, documenting the extremes of price movement and the pushback from the opposing side. They can indicate increased pressure, shifts in momentum, or exhaustion.
This straightforward yet powerful indicator can identify a variety of candle wick patterns, making it adaptable to numerous trading styles. The settings for highlighting wicks include:
Timeframe: Analyze wicks from a higher timeframe while trading on a lower one for a broader perspective.
Minimum Wick to Body Ratio: Define the ratio to identify wicks larger than the candle body. This is particularly useful for spotting Doji patterns such as hammer, gravestone, and dragonfly, which can signify trend reversals, market indecision, and changing momentum.
Minimum Candle Body as Percent of Price: Set a threshold to ensure any highlighted wick belongs to a candle with a body representing a certain percent of the price. A higher value could indicate strong price momentum in a particular direction, aiding trend confirmation.
Minimum Candle Wick as Percent of Price: Similar to the above, ensure the candle wick represents a specific percent of the price. This helps identify large price fluctuations and can be invaluable for traders familiar with smart money concepts targeting 50% of the wick fill (liquidity).
Show Half Fill Level of Wick: Providing a potential target, which price may gravitate towards.
In addition, the indicator can generate alerts when a new wick that meets your settings criteria forms, ensuring you never miss a potential trading opportunity.
Remember, this indicator can be added multiple times with different settings to cover various scenarios and timeframes.
It's a versatile tool to assist in your trading journey, but always use it alongside sound risk management practices.
Take action now for instant access!
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