Diamond FU of TMD
This indicator is helpful in finding price manipulation using just price action. The FU candle is a price action pattern that helps illustrate either bullish or bearish bias. Using this in conjunction with your TA is helpful and provides you additional levels to look for price manipulation for reversals and retests of the reversal pivots.
A bullish FU candle is where the price wicks down, thus stopping out all the retail longs and then continues to move up in the market makers desired direction.
It should be noted that simply buying after an FU candle is not always wise, but should wait for the retest or confirmation of bias with price action revisiting the area of interest.
If you are looking for any FU candles, use the settings and make the default wick 10%. If you're wanting major FUs, change the wick value to 50%. When you change the value there it is telling the indicator, "The FU wick is at lease 50% or more of the entire candle."
I've also included a 50% mark on the wicks of the candles as this is a primal spot for retest and entry. This feature can be toggled on or off, and the length of extension of that line can be changed as well.
A bullish FU candle is where the price wicks down, thus stopping out all the retail longs and then continues to move up in the market makers desired direction.
It should be noted that simply buying after an FU candle is not always wise, but should wait for the retest or confirmation of bias with price action revisiting the area of interest.
If you are looking for any FU candles, use the settings and make the default wick 10%. If you're wanting major FUs, change the wick value to 50%. When you change the value there it is telling the indicator, "The FU wick is at lease 50% or more of the entire candle."
I've also included a 50% mark on the wicks of the candles as this is a primal spot for retest and entry. This feature can be toggled on or off, and the length of extension of that line can be changed as well.
Versionshinweise:
Changed default wick size to 10 to show more FU candles.
Versionshinweise:
Updated the size of the indicator arrows