In the book, The New Technical Trader by Tushar Chande and Stanley Kroll there is a part that talks about candlestick analysis and how the wicks play a role on how the price will behave. When wick lengths increase then there could be uncertainty. Weakening of support and resistance levels can also be seen by the size of the candlestick wicks or shadows. Shoutouts...
Shadow/Wick Moving Average
- Moving Average comparing top and bottom Shadow / Wick length
- Shadows represent price levels that have been hit, but did not close
- Not an all-purpose, all-in-one indicator for entry and exit
- Used as a visual aid to better understand price movement. For example. if price is bearish, but the Shadow MA is showing high, positive...
// Bollinger Blue Shadows
// Plots Low High Shadow as Column
// Inpired by Bollinger Candlesticks
// General purpose script
// How to Use it
// Add to Favorite Scripts
// Inside chart window right-click
// Select Insert Indicator -> Favorites -> Script Name
// author: Gerasimos Makis Mouzakitis
// created: 02 Oct 2015 14:37 (UTC)
// updated: 02 Oct 2015 15:28...