Wick Delta Buy/Sell Pressure

6 May 2019

If you think of a perfect doji candle, where the wicks on top and bottom are exactly the same, that's a candle with a delta of 0. What this indicator does is show the delta/difference between wicks, if the top wick is longer than the bottom wick it show's sell pressure/bear interest, which is displayed as a red bar and vice versa for buy/bull pressure, which is shown as green bars. I added arrows for clarity.

It's a different way of visualising wicks, which can clarify sentiment and be a useful way to understand wicks better in general. One way to use it is to look for clusters of 3/4 larger bars in a row, which generally helps to determine future direction especially when seen at important levels.

23 Ağu 2020

Sürüm Notları

Updated to highlight the bigger/more important wicks

7 gün önce

Sürüm Notları

This update modernizes the Wick Delta indicator with some advanced filtering:

1. Logic: Updated wick calculation math to ensure accuracy regardless of candle color.
2. New Filters: Added togglable filters for Volume Weighting (with clamp), Trend Alignment (EMA), and Body Size (to ignore momentum bars).
3. Visuals: Added a "Show as Candles" mode to visualize using OHLC, as requested
4. Alerts: Added alert conditions for Buy/Sell pressure outliers, as requested
5. Updated to Pine Script v6.

7 gün önce

Sürüm Notları

Based on the comments, I added an option to use Heikin Ashi bar calculations, but you don't need to have Heikin Ashi bars active for this feature to work.