No Wick Candle Scanner
- Indicators
- Version: 1.0
No Wick Candle Scanner is a powerful, lightweight tool built for MetaTrader 5 designed to isolate pure market momentum. In trading, candles that close without an upper or lower tail (wick) represent absolute dominance by buyers or sellers.
This indicator scans your charts in real-time, instantly flagging these high-probability momentum bars with clean visual markers, allowing you to catch strong trend continuations and sudden breakouts with ease.
Key Advantages & Features:
- 6-in-1 Filtering Matrix: Fully customize your strategy by choosing exactly which type of no-tail candle you want to track. Toggle individual conditions on or off depending on your trading style.
- Zero Chart Clutter: Unlike standard indicators that crowd your candles, this tool features an advanced Pip-Based Spacing configuration. You control exactly how far the signal arrows sit from the market price, keeping your candle patterns perfectly visible.
- High-Speed Execution: Programmed with strict MQL5 optimization. It calculates only on new data ticks, ensuring zero terminal lag even on fast-moving timeframes like the M1 or volatile assets like Gold (XAUUSD). However, this indicator can be used on all timeframes and all pairs.
- Professional Visuals: Automatically plots clean, intuitive upward and downward triangles that dynamically match your preferred candle colors.
Input Parameters:
- Display Configuration (InpGapPips): Controls the distance (in Pips) between the signal triangle and the candle high/low. Increase this on higher timeframes to prevent visual overlapping.
- Bullish Conditions (InpBullNoUpper): Identifies bullish candles that close exactly at their highest price (no upper wick).
- Bullish Conditions (InpBullNoLower): Identifies bullish candles that open exactly at their lowest price (no lower wick).
- Bullish Conditions (InpBullNoTails): Identifies full bullish Marubozu candles (no upper and no lower wicks).
- Bearish Conditions (InpBearNoUpper): Identifies bearish candles that open exactly at their highest price (no upper wick).
- Bearish Conditions (InpBearNoLower): Identifies bearish candles that close exactly at their lowest price (no lower wick).
- Bearish Conditions (InpBearNoTails): Identifies full bearish Marubozu candles (no upper and no lower wicks).
How to Use: > Perfect for momentum scalpers, breakout traders, or as a confluence filter for existing supply/demand strategies. Simply drag the indicator onto any chart, choose your preferred pip spacing, and let the scanner do the heavy lifting.
