Wick Length
This tool for MetaTrader 5 is specifically engineered to streamline your trading operations. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Wick Length
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
Description & Settings
Wick length indicator displays the candle wick length in points in a separate chart window.
It has one configurable parameter:
Method
- display method
Separated
- separate
Separated Opposite Only
- separated, opposite wicks only
Cumulative
Difference
Display methods:
Separated display method:
Wick length is displayed "as is": Upper wick - upper wick length,Lower wick - lower wick length
Separated, opposite wicks only:
If the candle is bullish:
Upper wick = 0Lower wick = lower wick length
If the candle is bearish:
Upper wick = upper wick lengthLower wick = 0
Cumulative:
The 'Upper wick' buffer is named "Wick cumulative" and displays the sum of the upper and lower candle wickThe 'Lower wick' buffer is not displayed
Difference:
The 'Upper wick' buffer is named "Wick difference" and displays the difference between the candle's upper and lower candleThe 'Lower wick' buffer is not displayed
Fig. 1. Wick length, Method = Separated
Fig. 2. Wick length, Method = Separated Opposite Only
Fig. 3. Wick length, Method = Cumulative
Fig. 4. Wick length, Method = Difference
