No-Wick Retest Levels

The No-Wick Retest Levels indicator identifies market supply and demand imbalances by highlighting candles that exhibit little to no wicks. In technical analysis, candles with minimal wicks on one side often represent strong momentum or exhaustion, suggesting that institutional participants initiated aggressive moves from these points. This indicator automatically plots horizontal levels at the origin of these candles, serving as potential interest zones for future price retests. By incorporating an automated trend filter and ATR based volatility targeting, the indicator assists traders in identifying high probability re-entry opportunities when price returns to these previously untested areas.

How to Trade the No-Wick Retest Levels?

The indicator works by monitoring price action for specific candles that lack a tail or wick. Once identified, a horizontal line is extended across the chart, representing an untapped level.

1. Identify the Levels: The indicator marks these zones with horizontal lines. These levels act as magnetic points where price may react due to the original momentum that created them.
2. Filter for Trend: To maintain alignment with the market, the indicator checks the 1-minute trend using two exponential moving averages. Only levels that align with the current trend direction are considered for potential trades.
3. Observe the Revisit: When the price action returns to a previously untapped level, the indicator evaluates whether the trend filter is still satisfied. If the conditions are met, it triggers a trade entry.
4. Manage with ATR: Upon entry, the indicator draws boxes for take-profit and stop-loss zones. These are calculated using a multiplier of the current Average True Range (ATR), ensuring that your trade management adapts dynamically to current market volatility.

No-Wick Retest Levels Settings

No-Wick Levels

• Wick tolerance (ticks): Sets the maximum allowed distance, in ticks, between the candle body and its high or low. Use zero for perfectly no-wick candles.
• Recent untapped levels shown: Limits the maximum number of visible levels on the chart to prevent visual clutter.
• Show yellow level triangles: Toggles the display of directional markers at the origin of each untapped level.
• Show setup markers: Enables small triangles above or below candles that qualify as no-wick setups.

1-Minute Trend Filter

• Fast EMA length: Sets the period for the faster moving average used to determine trend momentum.
• Slow EMA length: Sets the period for the slower moving average to establish the primary trend bias.
• Require close on trend side: When enabled, the indicator only considers trade entries if the current price closes on the side of the fast EMA that matches the trend.

ATR Targets

• ATR length: Determines the period used to calculate volatility for target and stop-loss placement.
• Take profit (ATR): Sets the distance for the take-profit target as a multiple of the current ATR.
• Stop loss (ATR): Sets the distance for the stop-loss level as a multiple of the current ATR.
• Trade drawings retained: Determines how many completed trade setups remain visible on the chart history.

Frequently Asked Questions

What defines a no-wick candle?

Why are these levels considered important?

How do the ATR targets function?