This is a rudimentary indicator to plot tweezer bottoms and tweezer tops. I use this primarily on the 15 minute, but may be applicable to other timeframes.
Criteria for a Tweezer Bottom: - We were previously in a downtrend (determined by the color of the previous two candles) - The current candle is green - The current and previous candle have lower wicks - The current candle open is approximately the same as the previous candle close (adjustable through settings)
Criteria for a Tweezer Top: - We were previously in an uptrend (determined by the color of the previous two candles) - The current candle is red - The current and previous candle have upper wicks - The current candle open is approximately the same as the previous candle close (adjustable through settings)
Potential Improvements: - Determine trend through TA, for example using SMAs - Ensure wick length as some percentage of candle height instead of just checking for existence - Ensure tweezer candle is large or has some required minimum volume to reduce false positives
For any improvements or ideas, feel free to contact me :)
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