If you think of a perfect doji candle, where the wicks on top and bottom are exactly the same, that's a candle with a delta of 0. What this indicator does is show the delta/difference between wicks, if the top wick is longer than the bottom wick it show's sell pressure/bear interest, which is displayed as a red bar and vice versa for buy/bull pressure, which is shown as green bars. I added arrows for clarity.
It's a different way of visualising wicks, which can clarify sentiment and be a useful way to understand wicks better in general. One way to use it is to look for clusters of 3/4 larger bars in a row, which generally helps to determine future direction especially when seen at important levels.
Versionshinweise
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Updated to highlight the bigger/more important wicks
perhaps a moving average of buyers and another moving average of sellers.
The volume serves to accompany the price therefore a moving average would be more visual than just seeing a column.
FellowshipTrader2030
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This is EXACTLY what I was looking for! I work all day and am not able to watch the charts and enter trades. I'm developing a strategy to find setups where I can review pre-market activity and enter a bracket Market Buy Order first thing in the morning, with my stop loss at 1X ADR and a Target Sell Order at 1.8 ADR.
Espeon_Trading
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genius work! was looking for something like this using wicks as the man variable
Hashan007
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Wonderful profitable idea! Thanks!!!
kobal_TT
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i like how you think...!tx!
SansTrades
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Hey, nice work! Is there a way to make the indicator only work within certain times? Example from 9:30am to 12:30am. Sometimes the indicator doesn't work as good as it could because premarket had a big wick and it ruined the average for the day.