Daily/Weekly Wick (Shadow) Range

📈 Detailed Guide to the Daily/Weekly Wick (Shadow) Range Indicator
This indicator is a powerful visualization tool designed to map the key price levels established during the previous trading period (either the previous day or the previous week). Instead of just showing a single line for the high and low, it highlights the entire range of the upper and lower wicks (shadows), representing the "battleground" where buyers and sellers were most active.

How It Works
The Wick (Shadow) Range indicator fetches the Open, High, Low, and Close data from the last completed daily or weekly candle and projects those levels onto your current chart. This creates two distinct colored zones.

Upper Wick (Green Zone): This area spans from the Previous High down to the top of the Previous Candle's Body. It visually represents the territory where sellers successfully pushed the price down from its peak. This entire zone can be considered a resistance area.

Lower Wick (Red Zone): This area spans from the bottom of the Previous Candle's Body down to the Previous Low. It shows where buyers stepped in to defend a price level and push it back up. This entire zone can be considered a support area.

How to Use It in Your Trading
This indicator isn't meant to give direct buy or sell signals on its own. Instead, it provides crucial context about market structure. Here are several ways to incorporate it into your strategy:

1. Identifying Key Support & Resistance
This is the indicator's primary function. The most significant levels are:

Key Resistance: The top edge of the green zone (the previous period's high).

Key Support: The bottom edge of the red zone (the previous period's low).

Look for the current price to react when it approaches these boundaries. These are high-probability areas for price to pause or reverse.

2. Watching for Price Rejection (Reversal Trading)
The colored zones are perfect for spotting rejection signals.

Bearish Rejection 📉: If the current price enters the green zone but fails to stay there, closing back below it (often forming a new wick), it's a strong sign that sellers are still in control at that level. This can be an excellent entry signal for a short position.

Bullish Rejection 📈: If the current price dips into the red zone and is quickly bought back up, it shows that buyers are actively defending that area. This can be a great entry signal for a long position.

3. Confirming Breakouts (Trend Trading)
The zones also help validate breakouts.

Bullish Breakout: If the price pushes decisively through the entire green zone and closes above the previous high, it signals that the previous resistance has been broken and the trend may continue upward.

Bearish Breakdown: If the price falls decisively through the entire red zone and closes below the previous low, it confirms that support has failed and the price may continue downward.

4. Setting Context with Timeframes
Weekly Setting: Use the "Weekly" option to identify major, significant support and resistance levels that can influence the market for the entire week. These are powerful levels for swing trading.

Daily Setting: Use the "Daily" option for intraday trading. The previous day's high and low are critical pivot points that many day traders watch.

⚙️ Indicator Settings
The indicator has one simple setting, which you can access by clicking the gear icon ⚙️ next to its name on the chart.

Select Wick Timeframe: This dropdown menu allows you to switch the indicator's calculation between the Daily and Weekly timeframe instantly.