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:
MT Image: