█ This Indicator shows a wick-off check pattern. This pattern appears when a candle goes below a level (support or resistance) and closes above it OR when it goes above a level and finishes below it. This causes a wick to go through the level: a wick-off check. This can confirm a pullback or a breakout.
█ Usages: This indicator can be used to validate a resistance or support level. It can also be used to validate breaking levels.
█ Parameters: Deviation: Parameter used to calculate pivots. Depth: Parameter used to calculate pivots. Wickoff Mode: Mode used to detect Wickoff check pattern. > counter pattern: only shows "pullback" wickoff check. > breakout pattern: only shows "breakout moves" wickoff check. > both: shows both. Lenght Avg Body: Lenght used to calculate the average body size. First Breakout Factor: Lenght Avg Wick Validation: This factor multiplied by the "body avg" filters out the non-significant breakout. Factor Avg Wick Validation: Lenght used to calculate the average wick size. Max Bars Wickoff: This factor multiplied by the "wick avg", filters out the non-significant wickoff signals.
Good Indicator ... Surprised that there arent any comments here. One query though ... Counter Pattern. What does it signify? is it a reversal or pullback ?
Fontiramisu
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@Juggy..., Hey thanks for your message! To answer your question I would say it depends on the timeframe, reversal is more long term and pullback is usually temporary. So it can be used for pullback with lower timeframe and reversal with higher ones.. but tricky one!
Juggy...
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@Fontiramisu, Got it .. and got some more clarity in indicator usage during todays trading hours ... Thank you ! 🤝
parfaitjosephnzie
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Hello , how to get more information about the using of this indicator, please can someone better explaine to me please
mperez508
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Please can you add buy and sell alert() function call for confirm wickoff check, much appreciated
Boombastik
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This indicator is cool :) Stupid question? How can we set alerts as what I saw I have to set 3 alerts for each pair (Btc-cross-(low pivot or middle pivot or high pivot) Is it possible with one alert to do this-just crossing the pivot this will save me alerts. Thank you
sjazzy
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I'm loving this indicator and had a success with it. Can you please edit the code to have the indicator "w" show below or above bar? Most times I don't see the "w" unless I scroll out a lot. I tried adding the location=location.abovebar but it didn't work. Thanks in advance.
One query though ... Counter Pattern. What does it signify? is it a reversal or pullback ?