THE WICKLESS CANDLE By [VXN]

29 Haz

The Wickless Candles Strategy - Comprehensive Analysis
Core Concept

The "Wickless Candles" strategy is a technical analysis approach that identifies specific candlestick formations where one side of the candle has no wick, indicating strong directional momentum and potential support/resistance levels.
What Are Wickless Candles?

Bullish Wickless Candles

Meaning: A green candle where the opening price equals the lowest price
Significance: Shows that buyers immediately took control and never let price fall below the opening level
Implication: The opening price becomes a strong support level

Bearish Wickless Candles


Meaning: A red candle where the opening price equals the highest price
Significance: Shows that sellers immediately dominated and never let price rise above the opening level
Implication: The opening price becomes a strong resistance level

Visual Strategy Elements
Support/Resistance Lines

Bullish Lines: Green horizontal lines drawn at the low (open) price of wickless bullish candles
Bearish Lines: Red horizontal lines drawn at the high (open) price of wickless bearish candles
Extension: Lines project forward for 5 bars (configurable) to highlight key levels
Purpose: These levels often act as future support/resistance zones

Advanced Volume Analysis (4:00 AM - 9:29 AM Session)
Volume Calculations

Market Dominance Indicators

🟢🟢🟢🔴: Buyer dominance (more buying pressure)
🔴🔴🔴🟢: Seller dominance (more selling pressure)
🟢🟢🔴🔴: Balanced market (equal pressure)

Comprehensive Statistics Monitor
Wickless Candle Metrics

Bullish Count: Total number of bullish wickless candles detected
Bearish Count: Total number of bearish wickless candles detected
Total Wickless: Combined count of all wickless formations
Max Scanned: Total number of candles analyzed
Percentages: Bullish vs bearish distribution ratios

Volume Intelligence

Current Volume: Real-time session volume in millions
Buyer/Seller Percentages: Relative strength of each side
Market Dominance: Visual representation of controlling force

Strategic Applications
Entry Signals

Long Entries: Near bullish wickless candle support lines
Short Entries: Near bearish wickless candle resistance lines
Confirmation: Use volume dominance to confirm directional bias


Market Context

Institutional Interest: Wickless candles often indicate large player activity
Price Rejection: Shows where market participants strongly defended levels
Momentum Confirmation: Volume analysis validates the strength behind moves

Key Advantages

Objective Identification: Clear mathematical criteria for wickless formations
Real-Time Monitoring: Live statistics and volume analysis
Multi-Timeframe Application: Works across different chart intervals
Alert System: Automatic notifications when new levels are established
Visual Clarity: Easy-to-spot support/resistance lines on chart

This strategy combines traditional candlestick analysis with modern volume profiling to identify high-probability trading zones where institutional and retail sentiment align at specific price levels.

30 Haz

Sürüm Notları

Major Update Summary & New Features Added

1. Smart Line Management

Auto-Delete Used Lines: Configurable setting to automatically remove lines once price crosses through them
Line Lifecycle Tracking: Complete monitoring of line creation, usage, and deletion
Memory Optimization: Prevents chart clutter by intelligently managing active lines

2. Advanced Retest Detection

Bullish Retest Alerts: Triggered when price dips below support line but closes above (one-time per line)
Bearish Retest Alerts: Triggered when price spikes above resistance line but closes below (one-time per line)
Smart Alert Logic: Prevents duplicate notifications with built-in retest tracking

3. Professional Dark Theme

Modern Color Palette: Carefully selected dark theme colors for enhanced visibility
Improved Contrast: Better readability with optimized text/background combinations
Consistent Styling: Unified design language throughout the entire interface

4. Customizable Table Interface

Resizable Dimensions: User-adjustable width (150-400px) and height (200-600px)
Dynamic Font Scaling: Automatic font size adjustment based on table dimensions
Enhanced Statistics: Added retest counters and line management metrics

📊 Enhanced Statistics Monitor
New Metrics Added:

Active Lines Count
Deleted Lines Count
Bullish Retest Count
Bearish Retest Count

Improved Organization:

Sectioned layout (Wickless Stats, Line Management, Volume Analysis, Table Info)
Color-coded categories for quick visual scanning
Professional data presentation

🔔 Alert System Expansion

4 Total Alert Types One Click:

Bullish Wickless Detection (Original)
Bearish Wickless Detection (Original)
Bullish Retest Detection (NEW)
Bearish Retest Detection (NEW)

Alert Features:

Detailed information including ticker, price, and timeframe
One-time retest alerts prevent spam
Immediate notification upon condition detection

⚡ Technical Improvements
Performance Optimizations:

Efficient array management for line tracking
Memory-conscious deletion processes
Scalable architecture for high-frequency trading

Code Quality:

Modular function design
Comprehensive error handling
Clean variable management

🎯 User Benefits

Cleaner Charts: Auto-deletion keeps charts uncluttered
Better Trade Timing: Retest alerts identify key reversal points
Enhanced Visibility: Dark theme reduces eye strain
Customizable Interface: Adjustable table size for any screen
Complete Analytics: Comprehensive statistics for strategy analysis

This update transforms the Wickless Candle indicator from a basic pattern detector into a comprehensive trading tool with intelligent line management, advanced alerting, and professional presentation.

2 Tem

Sürüm Notları

Added Stop Loss Level Identification System
- Pivot High/Low detection

Clearer Chart
- Auto Delete Used Lines