Candle Wicks Length Display Indicator — MT4/MT5

 Candle Wicks Length Display Indicator is a MetaTrader indicator that displays the length of candle wicks in pips directly on your chart. You can set the minimum length to be displayed or show wick lengths that are less than a given limit. The indicator supports all sorts of alerts and works with both MT4 and MT5.

Input Parameters

• Units (default = Pips): Determines how wick lengths are measured — in standard Pips or in Percentage points.

• DisplayWickLimit (default = 5): Minimum wick length in pips (standard/normal) or percentage points for the indicator to display it on the chart.

• DisplayHighWickColorBullish (default = clrRed): Color for the top wick length display on bullish candles.

• DisplayHighWickColorBearish (default = clrFireBrick): Color for the top wick length display on bearish candles.

• DisplayLowWickColorBullish (default = clrLimeGreen): Color for the bottom wick length display on bullish candles.

• DisplayLowWickColorBearish (default = clrGreen): Color for the bottom wick length display on bearish candles.

• UpperWickLimit (default = 10): Minimum value for the upper wick length in broker pips or percentage points for alert triggers.

• LowerWickLimit (default = 10): Minimum value for the lower wick length in broker pips or percentage points for alert triggers.

• WaitForClose (default = true): If true, the indicator waits for a candle to close before checking its wicks’ length.

• TopBottomPercent (default = 0): Displays length only for candles where Open and Close are within the given top or bottom percentage of the candle.

• LessThan (default = false): If true, marks wicks that are less or equal to the given limits instead of greater or equal.

• SoundAlert (default = false): Enables sound alerts when UpperWickLimit or LowerWickLimit is reached.

• VisualAlert (default = false): Enables MetaTrader’s native pop-up alerts when UpperWickLimit or LowerWickLimit is reached.

• EmailAlert (default = false): Sends email alerts when UpperWickLimit or LowerWickLimit is reached. Email should be properly configured in MetaTrader via Tools -> Options -> Email.

• NotificationAlert (default = false): Sends push notification alerts to your device when UpperWickLimit or LowerWickLimit is reached. Notifications should be properly configured in MetaTrader via Tools -> Options -> Notifications.

• AlertOnLimit (default = false): Issues alerts on wicks exceeding the given limit.

• AlertOnEqualTopBottomWicks (default = false): Issues alerts when upper wick and lower wick have the same length.

• IgnoreAlertsOnFirstRun (default = true): Ignores alert conditions when the indicator is first attached to the chart or the chart’s timeframe/symbol is changed. Subsequent alert conditions won’t be ignored.

• FontFace (default = “Verdana”): Font face for candle wick length display.

• FontSize (default = 10): Font size for candle wick length display.

• MaxCandles (default = 500): Number of candles (counting from the current one) to process. Set to 0 to process all candles.

• UseRawPips (default = false): If true, the indicator uses raw pips (points) instead of trying to guess the pip size for the current symbol. Useful for non-Forex symbols.

• ShowAverageWickSize (default = false): Displays the average wick size by the indicator.

• AvgCandles (default = 50): Number of candles to analyze for the average wick size. Set to 0 to use all available candles.

• AverageWickSizeColor (default = clrLightGray): Color of the average wick size display.

• Corner (default = CORNER_LEFT_UPPER): Location for the average wick size display on the chart.

• Distance_X (default = 3): Horizontal distance from the corner to the average wick size display.

• Distance_Y (default = 12): Vertical distance from the corner to the average wick size display.

• DrawTextAsBackground (default = false): If true, the text label with the average wick size display is drawn as background to prevent obscuring the chart.

• RemoveOldLabels (default = false): Removes text labels beyond the candles set via MaxCandles continuously.

• ObjectPrefix (default = “CWLD-”): Prefix for chart objects for compatibility with other indicators.

Examples

This example image shows the Candle Wicks Length Display Indicator attached to the H1 chart of the EUR/USD currency pair with default settings except for the DisplayWickLimit input parameter, which is set to 10. Long top candle wicks are prevalent in downtrends, whereas you’ll likely see more green length values marked for the bottom wicks in uptrends.

The next screenshot displays candle wick lengths with the pip limit set to 20 and uses different colors for bullish and bearish candles. The average length display is also visible in the top-right corner of the chart.

Original build credits to: earnforex, indicator revamped and improved by myfxxpaddy.