Analyzing wick rejection percentages can provide insights into market sentiment and potential future price movements. For example, high wick rejection percentages at key support or resistance levels may indicate strong buying or selling interest and could influence trading decisions.
This indicator allows you to filter noisy chart, with engulfing candles which have been rejected from current trend lines. Trend lines by default are 21 MA (fast) and 10 MA (slow one). If fast moving average is greater than slower one, automatically indicator would represent that like uptrend, and if opposite then like a downtrend.
Consider to work only on...