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WickRejection Code Complete

mql5 code for wick rejection

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joycemanyi54
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12 views3 pages

WickRejection Code Complete

mql5 code for wick rejection

Uploaded by

joycemanyi54
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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//+------------------------------------------------------------------+

//| WickRejection.mq5|

//| Custom Indicator to highlight wick rejections on chart |

//+------------------------------------------------------------------+

#property indicator_separate_window

#property indicator_buffers 3

#property indicator_color1 Red // Worst areas

#property indicator_color2 Yellow // Better areas

#property indicator_color3 Green // Best areas

input int WickLengthFactor = 2; // Wick must be 'n' times the body size to qualify

input int MinRejections = 5; // Minimum number of rejections to categorize area

double WorstBuffer[];

double BetterBuffer[];

double BestBuffer[];

// Initialization of the indicator

int OnInit()

SetIndexBuffer(0, WorstBuffer);

SetIndexBuffer(1, BetterBuffer);

SetIndexBuffer(2, BestBuffer);

return(INIT_SUCCEEDED);

// Function to calculate wick rejection strength

bool IsWickRejection(int i)

{
double bodySize = MathAbs(Open[i] - Close[i]);

double upperWick = High[i] - MathMax(Open[i], Close[i]);

double lowerWick = MathMin(Open[i], Close[i]) - Low[i];

// Check if upper or lower wick is significantly larger than the body

if (upperWick > bodySize * WickLengthFactor || lowerWick > bodySize * WickLengthFactor)

return true;

return false;

// Indicator Calculation

int OnCalculate(const int rates_total,

const int prev_calculated,

const datetime &time[],

const double &open[],

const double &high[],

const double &low[],

const double &close[],

const long &tick_volume[],

const long &volume[],

const int &spread[])

int countWorst = 0, countBetter = 0, countBest = 0;

for (int i = 1; i < rates_total - 1; i++)

if (IsWickRejection(i))

// Count wick rejections at the current price level


int rejectionCount = 0;

double rejectionPrice = Close[i];

// Check past candles for similar wick rejections

for (int j = i; j < i + 20 && j < rates_total; j++)

if (MathAbs(Close[j] - rejectionPrice) < SymbolInfoDouble(SYMBOL_POINT) * 10)

rejectionCount++;

// Categorize areas based on rejection count

if (rejectionCount >= MinRejections * 2)

WorstBuffer[i] = rejectionPrice;

else if (rejectionCount >= MinRejections)

BetterBuffer[i] = rejectionPrice;

else

BestBuffer[i] = rejectionPrice;

return(rates_total);

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