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I've searched futures.io (formerly BMT) and the wider world for this NT indi but to no avail. If anyone knows of something the same or similar to my description below I'd be grateful if they could let me know - otherwise I'll have a crack at coding it myself. Seems straight forward enough at first glance (but don't they always!).
Calculate the length of candle wick tails and tops for n bars back and the lengths of the bodies. Present as a ratio of tops vs tails only or tops/body vs tails/body.
The idea is to try to quantify where price has been rejected. Why attempt to do this? To see if finding out where price has been more heavily rejected in the past can shed any light of where it may go in the future.
Thanks in advance for any feedback
know thyself
Can you help answer these questions from other members on NexusFi?
Just a thought: The problem with using ratios would be that tiny bars often tend to have tiny bodies compared to the wicks, so absolute values may be more descriptive.
Yes very good point, well raised. I have done a first draft of the indi and have two seperate dataseries that plot i) the size the previous body - current body, and ii) the length of current tail - current top. In absolute terms as you suggested. I'm reading Al Brooks presently and my creative juices are flowing in regards to price action. And as I haven't coded much in the last couple of months thought it would be fun to play around with.
My original idea was that in a swing low or reversal, bar length would extend up to a selling climax and reduce as the move paused. The tails may increase as buyers fought off the sellers and reduce as the buyers took over (reversed for a buying climax).
I've run each dataseries into a number of moving averages to see if their extremes (or any other features) have any predictive value. 3/7 period EMA cross overs show some promise as a timing tool. But as I 've only spent a few hours on it so far.... And I've only glanced at how they apply to short time frames (5,15 min) as that is where I would want to use them if it ever proved useful.
The reason I asked if there were any PA indis of this nature is that it seems so unlikely that there wouldn't be, given there are indis for everything.
