Forex Indicator "Wicks of Candles" for MT4/MT5

forex indicator wicks of candles for mt4 & mt5

Wicks (candle shadows) are a key part of price action analysis because they show us potential price reversals at the very earliest stage, while also validating support and resistance levels in the market. Wicks can form on the top, bottom or both sides of a candle and represent the highs and lows of the price action for that candle on selected time period. Doing a price action analysis, it is important to know that wicks are areas where the market simply rejected the prices of the wick.

Analyzing charts, we can find candles without upper wick or without lower wick (example of such candlestick is hammer) or without any wick (e.g. marubozu). Such type of candles gives trades a strong signal of advantage by either buyers or sellers, depending on whether the direction of the candle is up or down.

Forex Indicator "Wicks of Candles" for MT4 & MT5 is finding candles without wick over or below candle body. With this forex tool, you don't have to make laborious and time-consuming chart analysis to find candles without wicks. This Indicator mark for you all candles without shadow on one or both sides.

In Indicator "Wicks of Candles" parameters window you can choose what type of candles should be finding:

  • Bullish candle without top wick
  • Bullish candle without bottom wick
  • Bearish candle without top wick
  • Bearish candle without bottom wick

forex indicator wicks of candles settings window

"Wicks of Candles" forex indicator has also e-mail and sound alert, so you no need to wait for candle close by sitting all time in front of the computer monitor.

forex indicator wicks of candles settings window

Indicator is available in two versions, for MetaTrader 4 and for MetaTrader 5. You can download full version of indicator for free here.

Put downloaded file into subfolder "INDICATORS" of MQL4 or MQL5 folder depends on MetaTrader platform version.