Candle Wicks Length Display Indicator — MT4/MT5



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

If your trading system is using candle wicks and if really long wicks are important to determining entry or exit signals for your trades, Candle Wicks Length Display indicator can be indispensable as a tool to notify you about such candles and the exact length of their wicks.

Input parameters

  • Units (default = Pips) — how to measure wicks— in standard Pips or in Percentage points.
  • DisplayWickLimit (default = 5) — the minimum wick length in pips (standard/normal) or percentage points for indicator to display it on the chart.
  • DisplayHighWickColor (default = clrRed) — the color of the top wick length display.
  • DisplayLowWickColor (default = clrLimeGreen) — the color for the bottom wick length display.
  • UpperWickLimit (default = 10) — the minimum value for the upper wick length in  broker pips or percentage points for alert to trigger.
  • LowerWickLimit (default = 10) — the minimum value for the lower wick length in  broker pips or percentage points for alert to trigger.
  • WaitForClose (default = true) — if true, the indicator will wait for a candle to close before checking its wicks' length.
  • TopBottomPercent (default = 0) — if this parameter is set to a value greater than 0 and less or equal 100, the indicator will display length only for candles where Open and Close are within the given top or bottom percentage of the candle.
  • LessThan (default = false) — if true, the indicator will mark wicks that are less or equal than the given limits instead of greater or equal.
  • SoundAlert (default = false) — if true, sound alerts will be used when UpperWickLimit or LowerWickLimit is reached.
  • VisualAlert (default = false) — if true, MetaTrader's native pop-up alerts will be used when UpperWickLimit or LowerWickLimit is reached.
  • EmailAlert (default = false) — if true, MetaTrader's email alerts will be sent when UpperWickLimit or LowerWickLimit is reached. Email should be properly configured in MetaTrader via Tools->Options->Email.
  • NotificationAlert (default = false) — if true, MetaTrader's push notification alerts will be sent to your device when UpperWickLimit or LowerWickLimit is reached. Notifications should be properly configured in MetaTrader via Tools->Options->Notifications.
  • AlertOnLimit (default = false) — if true, the indicator will issue alerts on wicks exceeding the given limit.
  • AlertOnEqualTopBottomWicks (default = false) — if true, the indicator will issue alerts when upper wick and lower wick have the same length.
  • IgnoreAlertsOnFirstRun (default = true) — if true, the indicator will ignore alert conditions when 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") — the font face to use for candle wick length display.
  • FontSize (default = 10) — the font size to use for candle wick length display.
  • MaxCandles (default = 500) — the number of candles (counting from the current one) to process. 0 — process all candles.
  • UseRawPips (default = false) — if true, the indicator won't try to guess the pip size for the current symbol and will use the raw pips (points) instead. Might be necessary when working with non-Forex symbols.
  • ShowAverageWickSize (default = false) — if true, the average wick size will be displayed by the indicator.
  • AvgCandles (default = 50) — the number of candles to analyze for the average wick size. 0 — all available candles.
  • AverageWickSizeColor (default = clrLightGray) — the color of the average wick size display.
  • Corner (default = CORNER_LEFT_UPPER) — the location for the average wick size display on the chart.
  • Distance_X (default = 3) — the horizontal distance from the corner to the average wick size display.
  • Distance_Y (default = 12) — the 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 will be drawn as background. It can be useful if you want to prevent the indicator from obscuring the chart.
  • ObjectPrefix (default = "CWLD-") — the prefix for chart objects for compatibility with other indicators.

Example

This example image shows Candle Wicks Display Length for MT4 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.

Indicator displays candle wicks length on chart

As you can see, long top candle wicks prevail in downtrends whereas the opposite is also true — you will more likely see more green length values marked for the bottom wicks in uptrends.

Downloads (ver. 1.09, 2022-07-21)

Download Candle Wicks Display Length for MetaTrader 4

Download Candle Wicks Display Length for MetaTrader 5

You might also be interested in our Gain/Loss Info indicator if you need candlestick body change information.

Changelog

1.09 — 2022-07-21

  • Added an option for alerts on equal top/bottom wicks (AlertOnLimit).
  • Added an input parameter to enable/disable classic limit alerts specifically (AlertOnEqualTopBottomWicks).
  • Added an option to display average upper/lower wick lengths (ShowAverageWickSize) over a number of candle.
  • Added an option to show wicks and alert when they are lower than the given limits rather than greater than (LessThan).
  • Added the ObjectPrefix input parameter.

1.08 — 2021-03-23

  • First release in the main part of EarnForex.com. Previously, the indicator was only listed in one blog post.
  • Added UseRawPips input parameter to use symbol's points without trying to convert them into standard pips.
  • Changed some legacy code to comply with current MT4 standards.

1.07 — 2020-01-27

  • Added switching between pips and percentage points.
  • Added centering for the wick length text labels.
  • Changed alert texts to be more informative.

1.06 — 2018-07-31

  • Fixed a few bugs concerning value normalization to the number of decimal places in the trading instruments' quotes.

1.05 — 2018-07-18

  • Fixed another bug with out-of-place alerts.
  • Removed a glitch where length labels could be shown on wrong bars.

1.04 — 2018-07-16

  • Fixed a bug with push notifications not being sent.

1.03 — 2018-07-03

  • Fixed a minor issue with the IgnoreAlertsOnFirstRun parameter.

1.02 — 2018-07-02

  • Added alerts via push notifications.
  • Added a smart label positioning algorithm.
  • Added more input parameters to control the indicator's behavior.

1.01 — 2011-05-08

  • Released the first version that supports length value display.

1.00 — 2011-01-10

  • First version of Candle Wicks Length Display indicator released. It didn't display anything — it could only send alerts.

Discussion

Warning! If you don't know how to install this indicator, please read the MetaTrader Indicators Tutorial.

Do you have any suggestions or questions regarding this indicator? You can always discuss Candle Wicks Length Display with the other traders and MQL4/MQL5 coders in our forums.

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