The purpose of this indicator is to determine the distance between the spread of a bar/candle and the wick at a glance (Spread is defined as the range between the open and close and the wick is any part of the bar/candle that is beyond that range).
Climactic action bars typically have large spreads and a pronounced wick which indicates hidden buying or selling.
Definitions of Colors:
Light Blue Area - Average spread size of the last x bars where x is the set MA period
Red Column - Indicates a very high spread that is far beyond the average
Yellow Column - Indicates spreads that are at the average line or just above it
Green Column - Indicates a very low spread
Thin Red Histogram - Indicates the size of the bottom wick (Either the distance between the close and low of down bars or the open and low or up bars)
Thin Blue Histogram - Indicates the size of the top wick (Either the distance between the open and high for down bars or the close and high for up bars)
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Climactic action bars typically have large spreads and a pronounced wick which indicates hidden buying or selling.
Definitions of Colors:
Light Blue Area - Average spread size of the last x bars where x is the set MA period
Red Column - Indicates a very high spread that is far beyond the average
Yellow Column - Indicates spreads that are at the average line or just above it
Green Column - Indicates a very low spread
Thin Red Histogram - Indicates the size of the bottom wick (Either the distance between the close and low of down bars or the open and low or up bars)
Thin Blue Histogram - Indicates the size of the top wick (Either the distance between the open and high for down bars or the close and high for up bars)
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Versionsinformation:
Changed "Thin Blue Histogram" line to white
Usage:
More or less like a spread Delta, there is the possibility of looking at "trending" spread changes. For example, if the last 50 bars shows up bars with longer wicks and spreads and down bars with shorter wicks and smaller spreads it could be deduced that there is less resistance to the down side
Usage:
More or less like a spread Delta, there is the possibility of looking at "trending" spread changes. For example, if the last 50 bars shows up bars with longer wicks and spreads and down bars with shorter wicks and smaller spreads it could be deduced that there is less resistance to the down side
Versionsinformation:
Added the ability to switch between the spread calculated as the difference between high and low or the difference between close and open
Versionsinformation:
Changed default Spread option to H-L