Precise Wick Boxes with Full Customization

16 ago

This Pine Script draws precise wick-based boxes to visualize buying and selling pressure.

Green candles (buyers): If the lower wick is proportionally large compared to the candle body, a box is drawn with different strength levels (Strong Buyer, Buyer Active, Buyer Present).

Red candles (sellers): Similarly, if the upper wick is large, a box is drawn showing (Strong Seller, Seller Active, Seller Present).

Boxes are fully customizable (width, colors, texts, offsets, text size).

This helps traders quickly identify strong buyer and seller reactions.

7 giorni fa

Note di rilascio

1️⃣ How the current script generates signals

Buy Signal → calculated only on green candles (close > open).

Sell Signal → calculated only on red candles (close < open).

There is no logic that checks bottoms or tops independently of candle color.

2️⃣ Human errors the script avoids

Misplaced buys on red candles: The script prevents a box from appearing as a “Buyer” on a red candle.

Misplaced sells on green candles: Similarly, Seller boxes appear only on red candles.

Over-interpretation: Humans might quickly think, “oh, the price is dropping, I’ll buy now” – the script enforces consistency: green = Buy, red = Sell.

3️⃣ Limitations of the script – human errors still possible

Bottom vs. Top ignored: The script does not check if the wick marks the bottom or top. You could have a green candle in the middle of a downtrend → mistakenly marked as a Buy box.

Trend and context ignored: Only candle color + wick ratio is used. No filter for higher trends, support/resistance, or other indicators.

No signal validity: A green wick at the bottom may not be a real buy signal in the short term; the same applies to red candles.

4️⃣ Conclusion

✅ Protects against:

Buy boxes on red candles

Sell boxes on green candles

⚠️ Does not protect against:

Wrong timing (buying bottoms, selling tops)

Trend and context mistakes

Over-interpretation of wick ratios as a signal