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    Prasun Dam
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    This document describes a pivot wick reversal trading strategy. It defines indicators for a wick multiplier and close value percent threshold as user inputs. It then calculates candle metrics like body size and wick size. Bull and bear signals are generated when the wick size exceeds a multiple of the body size and the close is above or below thresholds based on the high-low range. The signals are plotted as up and down triangles.

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    This document describes a pivot wick reversal trading strategy. It defines indicators for a wick multiplier and close value percent threshold as user inputs. It then calculates candle metrics like body size and wick size. Bull and bear signals are generated when the wick size exceeds a multiple of the body size and the close is above or below thresholds based on the high-low range. The signals are plotted as up and down triangles.

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    © All Rights Reserved
    Download as TXT, PDF, TXT or read online from Scribd
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    6 views1 page

    SCCR 2

    Uploaded by

    Prasun Dam
    This document describes a pivot wick reversal trading strategy. It defines indicators for a wick multiplier and close value percent threshold as user inputs. It then calculates candle metrics like body size and wick size. Bull and bear signals are generated when the wick size exceeds a multiple of the body size and the close is above or below thresholds based on the high-low range. The signals are plotted as up and down triangles.

    Copyright:

    © All Rights Reserved
    Download as TXT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    //@version=3

    study("PIVOT WICK REVERSAL SETUP BY SWAPNIL TAMBE", overlay=true)

    wick_multiplier = input(title="Wick Multiplier", type=float, defval=2.5)


    close_thresh = input(title="Close Value Percent", type=float, defval=0.35,
    minval=0.0, maxval=1.0)

    // basic candle computations


    top_body = max(close, open)
    bot_body = min(close, open)
    top_wick_size = high - top_body
    body_size = top_body - bot_body
    bot_wick_size = bot_body - low
    range = high - low

    bull_signal = (bot_wick_size > (wick_multiplier*body_size)) and (close > (low +


    (range*(1-close_thresh))))
    bear_signal = (top_wick_size > (wick_multiplier*body_size)) and (close < (low +
    (range*close_thresh)))

    plotshape(bull_signal, "Bullish Wick Reversal", style=shape.triangleup,


    location=location.belowbar, color=green, size=size.tiny)
    plotshape(bear_signal, "Bearish Wick Reversal", style=shape.triangledown,
    location=location.abovebar, color=red, size=size.tiny)

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