PreWick
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Pre-Wick Retrace Indicator for MT5
Pre-Wick is a Meta Trader 5 price-action indicator designed to help traders identify potential retracement setups before price reaches the proposed entry area.
The indicator analyzes price movement, wick rejection, market structure and trend conditions to identify potential setup areas on the chart.
When a setup is confirmed on a closed candle, Pre-Wick can display:
Entry Zone
Limit Entry
Stop Loss
Take Profit
This allows traders to plan a potential trade before price reaches the proposed entry level rather than chasing an extended move.
Pre-Wick is primarily designed for Commodities (XAUUSD, XAGUSD) and Indices (US30,US100) with additional flexibility for other trending instruments and timeframes.
Pre-Wick Retracement Detection
Pre-Wick analyzes price movement and wick rejection conditions to identify potential retracement areas.
On-Chart Trade Mapping
Potential setups are displayed directly on the chart with:
- Entry zone
- Limit entry level
- Stop loss level
- Take profit level
Closed-Bar Signals
Signals are confirmed on candle close. Once confirmed, the signal is not retrospectively moved or replaced by later price movement.
Trend Filtering
The indicator includes adjustable trend-filter sensitivity to help align signals with the broader market direction.
Structure and Zone Detection
Adjustable sensitivity settings allow traders to control the depth used for support, resistance and structural zone detection.
Alerts
Pre-Wick supports:
- MT5 desktop alerts
- MT5 mobile push notifications
- Email alerts
Recommended Starting Configurations
XAUUSD
Timeframe: M15
Trend filter: 50 EMA
US30 / Dow Jones
Timeframe: M30
Trend filter: 75 EMA
These are recommended starting configurations. Traders can adjust the available settings according to their trading approach and market conditions.
Plan the RetracementDon't chase an extended candle.
Pre-Wick is designed to help traders monitor potential retracement areas and plan a possible entry before price reaches the level.
The chart can display the proposed:
Retracement Zone → Limit Entry → SL → TP
This is the Pre-Wick concept.
Indicator Settings
Risk/Reward Ratio
Controls the target calculation used for Take Profit levels.
Trend Filter Sensitivity
Controls the sensitivity of the trend filter.
Zone & Structure Sensitivity
Controls detection sensitivity for structural areas.
Wick Threshold
Defines the minimum wick/rejection condition required for a signal.
Risk Disclosure
Pre-Wick is a technical analysis tool and does not provide financial advice or guarantee trading results.
Trading financial markets involves substantial risk of loss. Past market behavior and historical signals do not guarantee future results.
Traders should evaluate each setup independently and use appropriate risk management.
