█ This Indicator shows a wick-off check pattern. This pattern appears when a candle goes below a level (support or resistance) and closes above it OR when it goes above a level and finishes below it. This causes a wick to go through the level: a wick-off check. This can confirm a pullback or a breakout.
█ Usages: This indicator can be used to validate a resistance or support level. It can also be used to validate breaking levels.
█ Parameters: Deviation: Parameter used to calculate pivots. Depth: Parameter used to calculate pivots. Wickoff Mode: Mode used to detect Wickoff check pattern. > counter pattern: only shows "pullback" wickoff check. > breakout pattern: only shows "breakout moves" wickoff check. > both: shows both. Lenght Avg Body: Lenght used to calculate the average body size. First Breakout Factor: Lenght Avg Wick Validation: This factor multiplied by the "body avg" filters out the non-significant breakout. Factor Avg Wick Validation: Lenght used to calculate the average wick size. Max Bars Wickoff: This factor multiplied by the "wick avg", filters out the non-significant wickoff signals.