Wick Ratio By Hour Study

A rejection wick means something different depending on when it prints. A long upper wick during a thin overnight hour, with a handful of stray quotes crossing a wide spread, can be mostly noise; the same wick during an active session hour, with real volume behind it, is more likely genuine order-flow rejection at a level. Judging a wick's significance therefore needs an hour-by-hour baseline, not one number for the whole day. For every completed bar on the chosen intraday timeframe, this script computes the upper wick, lower wick and body as a fraction of that bar's own range, then averages each fraction separately for every hour of the day (0-23), using the bar's own open hour in the terminal's time base. The result turns "that looks like a big wick" into "is that a big wick FOR this hour" - a trader can compare a specific bar's wick ratio against its hour's own historical average rather than against the whole day's. Notes and limitations A bar with zero range (High equals Low) is skipped entirely - the wick and body ratios are undefined for it. Hours are read directly from the bar's own open time in whatever time base the terminal already shows (usually broker/server time), with no separate timezone conversion. Compare results across brokers with that in mind. This is a descriptive average over history, not a signal. An hour with a high average upper-wick ratio simply means upper wicks are typically larger relative to range at that hour on this symbol - it says nothing about direction or what happens next.

Script · MT4 · v1.0 · Free

Tags: Volume · Trading Sessions · Alerts · MT4 Script · MQL4 Source Code

MQL4 & MQL5 scripts · PolyMaria