-Volume/Wicks-(HH/LL).(HH/LL Detection with Volume & Wick Confirmation)
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What this script does:
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-VOLUME/WICKS-(HH/LL) is a professional indicator designed to identify key market turning points by detecting significant Higher Highs (HH) and Lower Lows (LL) using a multi-factor confirmation system.
developed by <>
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How it works:
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The indicator combines three essential filters to validate signals:
-Wick Analysis: Detects candles with significant upper or lower wicks relative to the total candle range (minimum 35% by default). This helps identify rejection patterns where price was rejected from key levels.
- Breakout Confirmation : Identifies when price breaks above the highest high of the last N periods (Top Lookback) for HH signals, or below the lowest low of the last N periods (Bottom Lookback) for LL signals.
-Volume Filter (Optional): Confirms signals with volume above the SMA average (1.2x multiplier by default) to ensure institutional participation.
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What makes it original:
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Unlike traditional pivot point indicators that only look at price extremes, this script:
-Combines price structure breaks with candlestick pattern recognition (wick analysis)
-Includes customizable volume confirmation to filter out low-quality signals
-Provides visual flexibility with multiple display options (bands, lines, price/volume labels)
-Allows traders to adjust all parameters to match their trading style and timeframe
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How to use:
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-Configure detection parameters:
-Top/Bottom Lookback: Adjust the number of bars to look back for HH/LL detection (default: 31)
-Wick Minimum %: Set the minimum wick-to-candle ratio (default: 35%)
-Set up volume confirmation (optional):
-Enable Volume Filter and adjust SMA length and multiplier based on market conditions
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Customize visualization:
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-Show/Hide HH/LL bands (white lines showing highest/lowest levels)
-Enable signals (diamond icons) for visual confirmation
-Display horizontal lines (Escalones) with price labels at key levels
-Show volume and price boxes directly on candles
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Set alerts:
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Use the built-in alert conditions to receive notifications when new HH or LL signals occur
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Recommended uses:
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-Swing Trading: Identify potential reversals and continuation levels
-Scalping: Use with lower timeframes (1-15 min) to catch quick momentum shifts
-Breakout Trading: Confirm genuine breakouts with volume and wick rejection
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Visual elements:
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-Red diamonds above bars = Sell signals (HH)
-Green diamonds below bars = Buy signals (LL)
-White bands = Highest high and lowest low levels
-Dashed horizontal lines = Key price levels with customizable price boxes
-Volume/price labels = Quick reference for signal strength$
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Alerts:
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The indicator includes pre-configured alerts for both HH (sell) and LL (buy) signals with frequency control (once per bar close)
@xdanzsh
Indicator
