Wick Pressure

Wick Pressure

Multiple Wicks forming at OverSold & OverBought levels create Buying and Selling Pressure. This Script tries to capture the essence of the buy and sell pressure created by those wicks. Wick pressure shows that the trend is Exhausted.

How it works:
This Wick Pressure Indicator checks for three candles forming the wicks in overbought and oversold zones. The zones are set by RSI and can be changed in settings. Those three candles should form a bit long wick and length of the wick is determined by ATR. The ATR multiple can be changed from settings. And then the script draws a box in the area formed by three candle wicks.

Confluence:
This indicator should not be used on its own. You should include it in your existing trading strategy. Any indicator should be rigorously tested before making any real trades.

Settings is the Key:
Settings are key to all of my indicators. Play around with it a bit. Change the ATR multiplier. Read the tooltips to understand what each settings mean. Tooltips are the (i) button in-front of each settings.

(description from original author: SiddWolf)

 

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Risk disclosure:

No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

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  1. Pensera • 05/23/2022 #

    Hi Nicolas
    Thank´s for this great indicator !
    Arnaud

  2. LUIS59270 • 05/23/2022 #

    Bonjour Nicolas, existe il un screeners indicateur qui détecte les marteaux avec meche au moins 2.5 fois le corps sur tendance haussiere et apres 2 ou 3 bougies rouge ? Merci beaucoup

  3. jonpt88 • 05/23/2022 #

    Dear Nicolas, This isa great indicator. I want to thank you for all you do in this forum -I am very impressed to see all what you share with the community. Thank you. I have recently see the block indicator (the new one) – what is actually the difference between the wick and the block indicator and do they ever overlap? If i may ask this question.

  4. AndPar • 349 days ago #

    Buongiorno, ho scaricato questo indicatore, che sembra essere interessante, solo che sul grafico non mi compare nessuna linea. C’è forse da aggiungere qualcosa dopo la voce return del codice? Grazie

    • Nicolas • 349 days ago #

      Provate a modificare le impostazioni per adattarle al timeframe e allo strumento a cui avete applicato l’indicatore.

  5. AndPar • 349 days ago #

    Grazie per la risposta. Ho provato a modificare i vari parametri, ho provato su diversi time frames, ma il risultato è uguale: nessuna linea compare sul grafico

    • Nicolas • 349 days ago #

      Ho appena provato su DAX 1 minuto con le impostazioni predefinite e ho ottenuto molti segnali. Sei sicuro di applicare sul grafico del prezzo e non sotto?

  6. AndPar • 349 days ago #

    Si, si, intendevo sul grafico del prezzo, non sotto. Ho provato sul grafico del dax a 1 minuto e lì in effetti si vedono dei box. Oggi vedo 4 soli segnali: uno dalle 8:36, un altro alle 9, poi alle 9:12 e l’ultimo alle 9:52. Risultano anche a lei o lei ne vede di più? Sul Fib che io utilizzo mi compare un segnale a partire dal TF 5 minuti. E’ così questo strumento, cioè dà pochi segnali e solo su alcuni TF oppure no?

  7. ipbvba • 338 days ago #

    Quelqu’un a t il un screener sur cet indicateur, merci?

    • ipbvba • 325 days ago #

      Quelqu’un a t il pu créer un screener pour cet indicateur, cela serait très utile. Merci beaucoup

    • Nicolas • 324 days ago #

      Je pense que le code ci-dessous doit fonctionner pour un screener:
      //PRC_Wick Pressure | indicator
      //23.05.2022
      //Nicolas @ http://www.prorealcode.com
      //Sharing ProRealTime knowledge
      //converted from pinescript

      // — settings
      //atrmult = 0.7 //ATR Multiplier (The Wick area is filtered on the basis of atr and this is multiplier to that ATR. The more the multiplier value, the less the signals and vice versa)
      //boxlength = 16 //Length of Wick Pressure Box
      //rsiob = 60 //RSI based on which signnals are filtered
      //rsios = 40 //RSI based on which signnals are filtered
      // — end of settings

      meersi = rsi[14](close)
      signal = 0
      //bullish wick pressure
      rsibullishcond = meersi < rsios or meersi[1] < rsios or meersi[2] < rsios
      ll3 = lowest[3](low)
      lc3 = min(lowest[3](close),lowest[3](open))
      if low<=lc3 and low[1]<=lc3 and low[2]=lc3 and open[1]>=lc3 and open[2]>=lc3 and lc3-ll3>(atrmult*AverageTrueRange[14](close)) and rsibullishcond and close>open then
      drawrectangle(barindex,lc3,barindex+boxlength, ll3) coloured(“green”,50) bordercolor(“green”)
      signal = 1
      endif

      //bearish wick pressure
      rsibearishcond = meersi > rsiob or meersi[1] > rsiob or meersi[2] > rsiob
      hh3 = highest[3](high)
      hc3 = max(highest[3](close), highest[3](open))
      if high>=hc3 and high[1]>=hc3 and high[2]>=hc3 and open<=hc3 and open[1]<=hc3 and open[2](atrmult*AverageTrueRange[14](close)) and rsibearishcond and close<open then
      drawrectangle(barindex,hh3,barindex+boxlength, hc3) coloured("red",50) bordercolor("red")
      Signal = -1
      endif
      screener[signal0](signal)

    • Nicolas • 324 days ago #

      la dernière ligne doit être: screener[signal>0 or signal<0](signal)

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