No Wick On Close

No Wick On Close

We at Minions Labs love to study, challenge and discover new facts about Price Behavior in current markets. We would NOT call it Price Action because today this is a word totally overused and means, thanks to the False Prophets out there, absolutely NOTHING.

The study hypothesis we propose is this: Some Assets, in certain Timeframes, present a behavior of Price continuity when the candlesticks close without a Wick on them...

So the purpose of this indicator is to "color" those candlesticks who have their Closing Prices without any "Wick" on their side...

We know that in all markets we have the "spread" of the price, so we added a parameter to control this...

I hope you enjoy this experiment! Try it for yourself! Explore the assets you know with this approach... Expand your horizons...

Of course that this is NO Magical indicator, so you will probably need to use some trend filtering system, volume, etc to have really good entries with it.

;)

HOW TO READ THIS INDICATOR

• As explained earlier, this indicator tries to signal the continuity of the Price Movement. Sometimes, and depending on the Timeframe chosen, the Price go the "other way", so I encourage you to try both ways...
• Candles marked with the default Blue color are POSITIVE candles which have NO wicks on the Close Price of them.
• Red candles are NEGATIVE candles which have NO wicks found on the Close Price of them
  

PARAMETERS

• How many ticks to consider between Close and Wick as valid?  In general we have a spread for the current price, so you can use this spread to allow a little "spread wick" to be considered as "NO WICK' at all and paint the candlestick. Otherwise you can use the value ZERO.
  

BUFFERS FOR YOUR EA:

• Buffer #4: Contains teh COLOR of the candle. You need to wait obviously for the close of the candle to be certain of the fact that there is a Wick or NOT.
  

As always, if you like this indicator, all I am asking is a little Review (not a Comment, but a REVIEW!)...   

This will mean A LOT to me... And this way I can continue to give away Cool Stuff for Free...

With No Strings Attached!  Ever!

Live Long and Prosper!

;)