This indicator colors the wick of a candle on any timeframe based on whether the following rules are met:
A colored wick below a candle indicates that the candles low was lower than the previous candles low, and the body of the candle closed above the previous candles low. A colored wick above a candle indicates that the candles high was higher than the previous candles high, and the body of the candle closed below the previous candles high.
The idea behind this indicator is to fractally see a distribution (colored wick above a candle) or an accumulation (colored wick below a candle) as a confirmation once you have established a directional trend or turning point. This indicator will color any wick that meets these conditions. This indicator is meant more so as an entry confirmation, coupling it with your understanding of turning points, or likely points that price will continue in a direction - this can provide a nice confirmation.
Hello, @mentfx you are amazing. However, I have something to say, since you have considered the wicks as a fractal UTAD or fractal Spring, one of the fundamental characteristics of a UTAD is two breaks of structure in two different places - One in the direction to liquidate the previous high or UT and the other one to liquidate the low which is the SOW in the case of the UTAD. In your explanation, you only have identified one location as the break of structure which is the previous candle wick high for the Fractal UTAD. I was thinking that the second break of structure for the UTAD would be the candle to close below the previous candle close for a valid UTAD since the UTAD must break structure twice (Upwards and downwards). I have watched your video on youtube carefully and the second example that you did verify what I have said and the first example (the beautiful -1) showed exactly that it was not a valid UTAD since the candle movement did not break two structural points (Previous Candle High and Previous Candle Close). I hope this different perspective helps so that you can help out your mentorship team even more.
fattyciscoboy
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@ConsciousSuccess777, no bro.. the overall idea of the colored wick candle is to indicate liquidation/manipulation has bn taken to the downside (accumulation) or topside (distribution) and immediately followed by displacement by the colored candle closing within the wick range of the previous candle in what is known as a structure shift or choch, hence entry can be sought at mitigation on a lower timeframe.. if u check futher on a Lower timeframe it is more likely that an earlier liquidation/manipulation in form of Stb/Ut would have taken place OR that the whole schematics could simply jst be a type 2 Wyckoff where Spring/Utad serves the Stb/Ut purpose in one
ConsciousSuccess777
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@fattyciscoboy, Ok I see what you are talking about. Thank you for the insight
ConsciousSuccess777
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@fattyciscoboy, If you look at the code it accounts for the liquidation (Highwick = high > high[1] and close < high[1] Lowwick = low < low[1] and close > low[1]) but does not include the CHOCH. We need a break of structure in the opposite direction after the liquidation for a confirmed structural shift but it must be other than the low or high of the previous candle
ConsciousSuccess777
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@fattyciscoboy, You can have liquidation but no structural shift. So the origin point that caused the liquidation must be broken for a valid CHOCH. I was looking at the olhc/4 point of the previous candle to be broken for a valid CHOCH after the liquidation of the previous candle's low or high
bzuber
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Hi, @mentfx out of curiosity, why is this called triple M?