Wick Delta vs Body/Wick Bias

The top and bottom of this indicator use the same logic as my Wick Delta script, but it displays differently, visualising the rejection or buy/sell pressure that wicks can represent. Outliers are highlighted in darker colours and often show inflection points, particular if they've just wicked into liquidity. So the start or end of moves, or a trend change. They can also happen for no reason, or just be a stop hunt. It's all about context, like everything in technical analysis.

The new addition is the centre line which shows whether wicks or bodies or in charge. Kinda like Average True Range (ATR) this script calculates Average True Bodies (ATBs) and compares it with Average True Wicks (ATWs) and shows when one or the other is in charge. So if candle wicks are bigger (>50%) than bodies, you'll see skinny, wick-like columns, and if the bodies are bigger you'll seen thicker, body-like columns. These can show inflection points too.

Keen to hear how people use this, and I intend to add a volume weighting feature when I get to it.

Notes de version

The top and bottom columns now match candle bias colours, i.e. red or green

Script open-source

Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.

scarf

Clause de non-responsabilité

Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.

Script open-source

scarf