Scanning for Wick Rejections Across Symbols and Timeframes
Summary
The document describes an MT5 dashboard indicator that scans selected symbols and timeframes for candles with prominent upper or lower wicks. Configurable rules include wick share of the candle range, minimum range and body size, a cap on the opposite wick, and optional ATR and recent-range context filters. The dashboard ranks and sorts candidates by recency, wick percentage, or a strength score, and can show chart markers and send alerts. Selecting a row can switch the chart to the corresponding symbol and timeframe.
The tool is presented as a monitoring aid for traders who use rejection candles as possible triggers. It does not place trades, and the note advises confirming candidates with support and resistance, trend structure, higher-timeframe bias, session timing, and liquidity context. No sample signals, test results, or evidence that the scoring improves outcomes are provided. The configurable thresholds and strength calculation are not specified precisely, so users would need to inspect and validate the indicator's behavior before relying on its rankings.
Key ideas
- The scanner searches multiple symbols and timeframes for candles with dominant upper or lower wicks.
- Range, body, opposite-wick, ATR, and trend-context filters can refine candidate signals.
- A dashboard sorts candidates by recency, wick size, or a strength score.
- Optional chart markers and alerts support monitoring, while the tool itself does not trade.
- Rejection candles are presented as triggers requiring additional market context and manual confirmation.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.