Untested Wickless Levels

3 giorni fa

Untested Wickless Levels

Overview
Untested Wickless Levels is a specialized price-action tool designed to identify and track "Wickless Candles"—bars where the price opens or closes at the absolute high or low of the candle with zero (or negligible) wick.

In technical analysis, a wickless candle often represents strong, institutional conviction. When a level is created without a wick and remains "untested" (price has not yet returned to pierce that specific coordinate), it often acts as a significant magnet for future price action or a zone of hidden support/resistance.



How It Works
The indicator scans every candle for a "Shaved" top or bottom.

Resistance (No Upper Wick): Created when the high of the candle is equal to the Open or Close. This suggests aggressive selling or a "ceiling" that hasn't been contested yet.

Support (No Lower Wick): Created when the low of the candle is equal to the Open or Close. This suggests aggressive buying or a "floor."

Once a level is identified, the script draws a horizontal line that automatically extends until price action eventually "tests" or breaks the level. Once the level is breached, the line is removed to keep your chart clean and focused only on active, high-probability zones.

Key Features
Automatic Level Extension: Lines track across your chart indefinitely until they are mitigated by price.

Wick Tolerance Setting: Crypto and Forex markets often have "micro-wicks" due to spread. The Wick Tolerance input allows you to include levels that have a 1 or 2 tick margin of error.

Non-Repainting: Signals are confirmed on candle close, ensuring the levels you see are permanent until broken.

Clean Visuals: Fully customizable colors, line styles (Solid, Dashed, Dotted), and widths.

How to Use
Target/Magnet: Use untested wickless levels as potential targets for take-profits, as price frequently returns to "fill" these efficient moves.

S/R Zones: Treat long-standing untested lines as strong areas for potential reversals or entries.

Breakout Confirmation: If price approaches a wickless resistance and fails to break it, it confirms the strength of the original move.

3 giorni fa

Note di rilascio

Untested Wickless Levels

Overview
Untested Wickless Levels is a specialized price-action tool designed to identify and track "Wickless Candles"—bars where the price opens or closes at the absolute high or low of the candle with zero (or negligible) wick.

In technical analysis, a wickless candle often represents strong, institutional conviction. When a level is created without a wick and remains "untested" (price has not yet returned to pierce that specific coordinate), it often acts as a significant magnet for future price action or a zone of hidden support/resistance.

How It Works

The indicator scans every candle for a "Shaved" top or bottom.

Resistance (No Upper Wick): Created when the high of the candle is equal to the Open or Close. This suggests aggressive selling or a "ceiling" that hasn't been contested yet.

Support (No Lower Wick): Created when the low of the candle is equal to the Open or Close. This suggests aggressive buying or a "floor."

Once a level is identified, the script draws a horizontal line that automatically extends until price action eventually "tests" or breaks the level. Once the level is breached, the line is removed to keep your chart clean and focused only on active, high-probability zones.

Key Features

Automatic Level Extension: Lines track across your chart indefinitely until they are mitigated by price.

Wick Tolerance Setting: Crypto and Forex markets often have "micro-wicks" due to spread. The Wick Tolerance input allows you to include levels that have a 1 or 2 tick margin of error.

Non-Repainting: Signals are confirmed on candle close, ensuring the levels you see are permanent until broken.

Clean Visuals: Fully customizable colors, line styles (Solid, Dashed, Dotted), and widths.

How to Use

Target/Magnet: Use untested wickless levels as potential targets for take-profits, as price frequently returns to "fill" these efficient moves.

S/R Zones: Treat long-standing untested lines as strong areas for potential reversals or entries.

Breakout Confirmation: If price approaches a wickless resistance and fails to break it, it confirms the strength of the original move.