Rejection Wick Strength Indicator (RWSI)

Quantifies candle rejection by measuring the ratio of the longer wick to the total candle range relative to the real body size. Identifies candles where the wick is at least twice the body length and occupies more than 40% of the total range, signaling strong price rejection. Outputs a normalized strength score from 0 to 1 to highlight pronounced rejection wicks.

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Inputs

No configurable inputs.

Outputs / plots

Latest changelog

Initial release.

Version history

let body = abs(close - open)
let upper_wick = high - max(close, open)
let lower_wick = min(close, open) - low
let total_range = high - low
let longer_wick = max(upper_wick, lower_wick)
let wick_to_range_ratio = if(total_range > 0, longer_wick / total_range, 0)
let wick_to_body_ratio = if(body > 0, longer_wick / body, 0)
let strong_rejection = and(wick_to_body_ratio >= 2, wick_to_range_ratio > 0.4)
let raw_strength = if(total_range > 0, (longer_wick / total_range) * (longer_wick / max(body, 0.0001)), 0)
let normalized_strength = clamp(raw_strength / 4, 0, 1)
plot("rws_strength", normalized_strength)
event("strong_rejection_event", strong_rejection)

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