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Wicks 5 *
It's common for people to look at how large the upper or lower 'wicks' or 'shadows' are in comparison to the range of a bar. In writing strategies that do so, I got tired of re-re-coding calculations to look for especially large ones.
So, I created an indicator that shows the upper and lower wick size as a percentage of the bar's range. So, now, if I want to specify a wick that's greater than 50% of the bar's range, I can just look for instances where the indicator values are UpperWick > 50 or LowerWick < -50.

If you find looking for negative numbers cumbersome, edit the indicator and reverse the LowerWick calculations, from either (Low[0] - Open[0]) or (Low[0] - Close[0]) to (Open[0] - Low[0]) or (Close[0] - Low[0]), respectively. Then, all the histogram bars will point upwards and you can make your code always look for positive values.

I hope some of you find this indicator handy.

I neglected to account for instances where Range() is zero, so the original indicator sometimes stops working. This newer version corrects that problem.


Category NinjaTrader 7 Indicators 
 
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Details: Wicks
Category: NinjaTrader 7 Indicators 


November 5th, 2017
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Comments/ratings
5 * MichaelW November 7th, 2017 09:09 PM
5 * divein250 September 20th, 2018 01:20 PM
This indicator is an integral part of my trading. THANKS for your contribution!!
5 * mhamrin October 31st, 2018 02:29 AM
Great indicator...thank you!

 
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