You can now download the Candle Wicks Length Display Indicator for free on AtoZ Markets indicators gallery.
Candle Wicks Length Display MetaTrader indicator — is an indicator that can display the length of candle wicks in pips directly on your chart. You can set the minimum length to be displayed. The indicator supports all sorts of alerts and works with both MT4 and MT5.
If your trading system is using candle wicks and if really long wicks are important to determining entry or exit signals for your trades, Candle Wicks Length Display indicator can be indispensable as a tool to notify you about such candles and the exact length of their wicks.
- Units (default = Pips) — how to measure wicks— in standard Pips or in Percentage points.
- DisplayWickLimit (default = 5) — the minimum wick length in pips (standard/normal) or percentage points for indicator to display it on the chart.
- DisplayHighWickColor (default = clrRed) — the color of the top wick length display.
- DisplayLowWickColor (default = clrLimeGreen) — the color for the bottom wick length display.
- UpperWickLimit (default = 10) — the minimum value for the upper wick length in broker pips or percentage points for alert to trigger.
- LowerWickLimit (default = 10) — the minimum value for the lower wick length in broker pips or percentage points for alert to trigger.
- WaitForClose (default = true) — if true, the indicator will wait for a candle to close before checking its wicks’ length.
- SoundAlert (default = false) — if true, sound alerts will be used when UpperWickLimit or LowerWickLimit is reached.
- VisualAlert (default = false) — if true, MetaTrader’s native pop-up alerts will be used when UpperWickLimit or LowerWickLimit is reached.
- EmailAlert (default = false) — if true, MetaTrader’s email alerts will be sent when UpperWickLimit or LowerWickLimit is reached. Email should be properly configured in MetaTrader via Tools->Options->Email.
- NotificationAlert (default = false) — if true, MetaTrader’s push notification alerts will be sent to your device when UpperWickLimit or LowerWickLimit is reached. Notifications should be properly configured in MetaTrader via Tools->Options->Notifications.
- IgnoreAlertsOnFirstRun (default = true) — if true, the indicator will ignore alert conditions when indicator is first attached to the chart or the chart’s timeframe/symbol is changed. Subsequent alert conditions won’t be ignored.
- TopBottomPercent (default = 0) — if this parameter is set to a value greater than 0 and less or equal 100, the indicator will display length only for bars where Open and Close are within the given top or bottom percentage of the candle.
- FontFace (default = “Verdana”) — the font face to use for candle wick length display.
- FontSize (default = 10) — the font size to use for candle wick length display.
- MaxBars (default = 500) — the number of bars (counting from the current one) to process. 0 — process all bars.
- UseRawPips (default = false) — if true, the indicator won’t try to guess the pip size for the current symbol and will use the raw pips (points) instead. Might be necessary when working with non-Forex symbols.
How to trade with Candle Wicks Length Display Indicator
This example image shows Candle Wicks Display Length for MT4 attached to the H1 chart of the EUR/USD currency pair with default settings.
As you can see, long top candle wicks prevail in downtrends whereas the opposite is also true — you will more likely see more green length values marked for the bottom wicks in uptrends.
How to download and install an indicator
In order to install the indicator on your MT4 or MT5 platform, you need to follow these steps:
- Click on the “Download Indicator” button located at the bottom of the screen.
- Save the file to your computer.
- Extract and move the files into the MT5>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select the “Candle Wicks Length Display Indicator” template to apply it on the chart.
Note: This indicator was developed by a third party. AtoZ Markets does not carry any copyrights over this trading tool.