OPEN-SOURCE SCRIPT
Wick-off Check Moving Average [Misu]
█ This Indicator shows a wick-off check pattern applied to a moving average.
This pattern appears when a candle opens below the moving average and closes above it, or when it opens above a moving average and closes below it. This causes a wick to go through the moving average: a wick-off check moving average.
█ Usages:
This indicator detects small pullbacks in a trend. This is mainly used for trading continuation strategies.
It can also be used to validate a resistance or support level .
█ Features:
> Average Wick Validation: You can validate a wick-off check pattern depending on the average wick size. This is configured with parameters "Lenght Avg Wick Validation" and "Factor Wick Validation".
> Trend Validation: A trend is taken into account when detecting a "continuation pattern". A trend is validated if X candles close above (up trend) or under (down trend) the moving average. This "X" is defined by "Length Bar - Trend Validation" parameter.
> Buy and Sell: Labels are showing wick-of check patterns but can be interpreted as a buy & sell signal.
> Multi Moving Average.
> Alerts.
█ Parameters:
Method Multi MA: The method for calculating the moving average.
Multi MA Length: The length used to calculate the moving average.
Length Bar - Trend Validation: Define the number of bar needed to validate a trend. When price is above the MA, trend is up. When price is under MA, trend is down.
Wickoff Mode: Mode used to detect Wickoff check pattern.
> continuation pattern: only shows wick-off check pattern in a confirmed trend.
> no trend in progress: only shows wick-off check pattern in a not confirmed trend.
> both: shows both.
Lenght Avg Wick Validation: Lenght used to calculate the average wick size.
Factor Wick Validation: Factor used to validate the length of a wick when a wick-off check is detected.
This pattern appears when a candle opens below the moving average and closes above it, or when it opens above a moving average and closes below it. This causes a wick to go through the moving average: a wick-off check moving average.
█ Usages:
This indicator detects small pullbacks in a trend. This is mainly used for trading continuation strategies.
It can also be used to validate a resistance or support level .
█ Features:
> Average Wick Validation: You can validate a wick-off check pattern depending on the average wick size. This is configured with parameters "Lenght Avg Wick Validation" and "Factor Wick Validation".
> Trend Validation: A trend is taken into account when detecting a "continuation pattern". A trend is validated if X candles close above (up trend) or under (down trend) the moving average. This "X" is defined by "Length Bar - Trend Validation" parameter.
> Buy and Sell: Labels are showing wick-of check patterns but can be interpreted as a buy & sell signal.
> Multi Moving Average.
> Alerts.
█ Parameters:
Method Multi MA: The method for calculating the moving average.
Multi MA Length: The length used to calculate the moving average.
Length Bar - Trend Validation: Define the number of bar needed to validate a trend. When price is above the MA, trend is up. When price is under MA, trend is down.
Wickoff Mode: Mode used to detect Wickoff check pattern.
> continuation pattern: only shows wick-off check pattern in a confirmed trend.
> no trend in progress: only shows wick-off check pattern in a not confirmed trend.
> both: shows both.
Lenght Avg Wick Validation: Lenght used to calculate the average wick size.
Factor Wick Validation: Factor used to validate the length of a wick when a wick-off check is detected.
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