Highlight Even / Odd wicks

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Highlight Even / Odd wicks

Postby Giorgi » Thu Jan 03, 2019 2:42 am

I use an indicator for FXCM for witch I don't have the code. It would be great to have a MT4 Version.
It is quite simple, it counts the number of wicks against the bodies of candles and highlight the areas where there are odd numbers of wicks (1,3,5,7,9...). It is very useful for traders who use supply and demmand.

Please see attached images for better understanding. The image from fxcm has the indicator running and the odd wick counts highlighted at the right side of the chart. The image from Metatrader has rectangles I drew manually and give a better understanding.

Requirements:
  • Count wicks until the find a candle body and highlight the areas where the result is an odd number.
  • Parameter: number of pips above and bellow current price to make the calculation or max number of candles to look back.
  • Only closed candles should be considered. Ignore current candle
  • The possibility to draw rectangles to the end of the chart like in the MT image or at the right edge of the chart like the fxcm image.
  • The possibility to overlap the result of different timeframes in the same chart. Different TF rectangles should have different colors.

FXCM Image:
UFO's fxcm.PNG



MT Image:
UFOs.PNG
"Trading is a skill. If you are not good at it it's only because you haven't practiced enough.
Don't wait for some magic tip or someone to take your hand and carry you. It just won't happen."
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Re: Highlight Even / Odd wicks

Postby Apprentice » Thu Jan 03, 2019 5:19 am

counts the number of wicks against the bodies of candles and highlight the areas where there are odd numbers of wicks (1,3,5,7,9...).

Can you shown this on example, provide the indicator?
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Re: Highlight Even / Odd wicks

Postby Giorgi » Thu Jan 03, 2019 7:00 am

Unfortunately the indicator is account linked. It won't load if it is not in an licensed account.

I will try to re-explain how to do it with more details, but is basically whats in the pictures.

I'll post more information in a little while
"Trading is a skill. If you are not good at it it's only because you haven't practiced enough.
Don't wait for some magic tip or someone to take your hand and carry you. It just won't happen."
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Re: Highlight Even / Odd wicks

Postby Giorgi » Thu Jan 03, 2019 7:34 pm

We start from current price and go both up and down, ignoring whatever is in the current candle, searching for wicks.
When a wick is found, we look left, in a straight horizontal line, searching for more wicks (complete or partial, doesn't matter), until a candle body is found and count how many wicks are there.
We keep moving (on the same direction, up or down) while the conditions remain the same (wick count doesn't change). That is an area! If that area has an even number of wicks, we do nothing. If it has an odd number of wicks, we highlight it.

This is a simple example:
UFO4.PNG


Another example:
UFO3.PNG


Let me know if more details are needed.
Imagine the candle bodies as walls. We are counting wicks to the right of a wall
"Trading is a skill. If you are not good at it it's only because you haven't practiced enough.
Don't wait for some magic tip or someone to take your hand and carry you. It just won't happen."
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Re: Highlight Even / Odd wicks

Postby Giorgi » Thu Jan 03, 2019 7:45 pm

This is the what the existing indicator shows.
It displays the results as rectangles at the right edge of the screen instead of the ones I drew, but the math is the same.

UFO5.PNG
"Trading is a skill. If you are not good at it it's only because you haven't practiced enough.
Don't wait for some magic tip or someone to take your hand and carry you. It just won't happen."
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Re: Highlight Even / Odd wicks

Postby Apprentice » Fri Jan 04, 2019 6:24 am

Your request is added to the development list under Id Number 4402
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Re: Highlight Even / Odd wicks

Postby Giorgi » Thu Jan 10, 2019 3:30 am

Thank you Apprentice.

The results were a little different from what I expected.

I took some Screenshots of the EURUSD Daily chart to illustrate.
The calculation (wick count) stops when a candle body is encountered. Everything behind (to the left) of a candle body is old news... should be ignored. Please note on the previous pictures I sent that there is never anything drawn behind a candle body.
Also, current price is a divisor. One color is above and another is below current price. There should never be two different colors above (or below) current price.
I wasn't able to understand exactly what this version is doing (how it is calculating) to give further feedback. But I believe this correction should put us on the right track.



This is the Chart without indicators
EURUSD Daily 09-JAN-19.PNG


This is what the Chart with the indicator
EURUSD Daily 09-JAN-19 with indicator.PNG
Indicator results


This is the expected result
EURUSD Daily 09-JAN-19 expected results.PNG
Expected results
"Trading is a skill. If you are not good at it it's only because you haven't practiced enough.
Don't wait for some magic tip or someone to take your hand and carry you. It just won't happen."
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Re: Highlight Even / Odd wicks

Postby Apprentice » Thu Jan 10, 2019 3:59 pm

Your request is added to the development list under Id Number 4417
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