Fuse Wick Marker
ATAS indicator to find candles with a long wick or long tail starting
How it works
With this indicator, you can have all wicks or tails that exceed a certain length in points marked in the ATAS chart. The indicator searches for suitable candles and marks them with a dot above the candle if the wick exceeds the length, or below the candle if the tail exceeds the length.
What can I use the indicator for?
Identifying Reversal Points
This indicator helps in spotting potential reversal points in the market by highlighting candles with unusually long wicks or tails. These marked candles can indicate areas where market sentiment is shifting, potentially signaling an upcoming change in direction.
Enhancing Price Action Strategies
Traders using price action strategies can leverage this indicator to better understand market volatility and liquidity. By marking candles with significant wicks or tails, it provides visual cues on price rejection levels and areas of strong buying or selling pressure.
Filtering Trade Entries
The indicator can be used to filter trade entries by identifying candles that indicate strong rejection of certain price levels. For instance, a long wick above a candle might suggest a failed attempt to push prices higher, signaling a potential short entry opportunity.
Improving Stop Loss Placement
Understanding where to place stop losses is crucial for risk management, and this indicator aids in identifying critical levels. By marking candles with significant tails or wicks, it can suggest more informed placements for stop losses, reducing the risk of premature stop-outs.
Settings
Wick Length in Points: Specifies the minimum length of a wick in points at which a candle is marked.
Fuse Length in Points: Defines the minimum length of a tail in points at which a candle is marked.
Wick Marker Color: Sets the color of the marker used to highlight candles with wicks that meet or exceed the specified length.
Fuse Marker Color: Determines the color of the marker used to highlight candles with tails that meet or exceed the specified length.