Detecting Candles That Lack an Upper or Lower Wick

Summary

This indicator marks bars that have no upper wick, no lower wick, or neither. It uses two separate buffers: one for missing upper wicks and one for missing lower wicks. Both buffers draw symbols, with different colors, and the symbol shape comes from a configurable character code. A separate shift setting adjusts where the arrow appears relative to the bar.

The document explains the indicator’s display behavior rather than offering a trading rule or performance analysis. It gives no evidence that wickless bars predict a particular price move, and it does not define how to act on a signal or manage risk. Traders would need to establish what counts as a wick in their data and test the indicator across instruments and timeframes before using it in a strategy.

Key ideas

• The indicator identifies bars missing an upper wick, a lower wick, or both.
• It stores upper-wick and lower-wick signals in separate buffers.
• Both signals use arrow-style drawing with configurable symbol codes and colors.
• An arrow-shift setting changes the symbol’s position relative to its bar.
• The document provides no evidence of predictive value or trading performance.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.