As shown in the image, I want to avoid entering into a trade after upnormal (out of the ordinary) candles - the top wick is excessively high.
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The wick, per se, doesn't affect any of the indicators that creates the trade. So what, precisely is the filter rule?
Is it just because the upper wick was half the size of the bar?
Would it matter if the True Range of the total bar were smaller?
When you create rules, you have to be precise. The "TR < 1.25 * ATR(5) of 1-bar ago" rule would certainly filter that trade and is "adaptive" (the word I couldn't think of when we talked). What don't you like about that rule?
Is it just because the upper wick was half the size of the bar?
Would it matter if the True Range of the total bar were smaller?
When you create rules, you have to be precise. The "TR < 1.25 * ATR(5) of 1-bar ago" rule would certainly filter that trade and is "adaptive" (the word I couldn't think of when we talked). What don't you like about that rule?
You know what, you are 100% Right
I will follow the TR<ATR Rule
I will follow the TR<ATR Rule
But if it's the "wicks" that you're after, then make sure to install the Candlesticks Extensions.
Along with the Candlestick Genetic Evolver, it will install another set of indicators called "Candlesticks". You can use CandleShadowFactor to filter trades after candles with "large upper wicks".
Along with the Candlestick Genetic Evolver, it will install another set of indicators called "Candlesticks". You can use CandleShadowFactor to filter trades after candles with "large upper wicks".
You might find our Candlesticks Extension useful, it has indicators like CandleShadowFactor which tell you how big the upper or lower wick was compared to the average.
https://www.wealth-lab.com/extension/detail/Candlesticks
https://www.wealth-lab.com/extension/detail/Candlesticks
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