I came across this article in my archives which got me thinking. The title of the article is "The Value of Candle Stick Patterns." The Value of Candle Stick Patterns | Winners Edge Trading and specifically this part of the article got my attention:

Quoting 

Control from one side: this usually happens when a candle has no or little wick. The wick should be none to small (preferably less than 10-20% of the candle body). This is only important for closes near highs in bullish cases; and closes near lows in bearish cases.

So I wrote this code which goes in the alert section of the study "Color Bar Based on Alert Condition."

=and(C>O, (C-O)>.8*ABS(H-L))

The above is for an UP candle and the below is for a DOWN candle.

=and(C<O, (O-C)>.8*ABS(H-L))

One assumption in both of the above - in an up candle the close less the open (C - O) is a positive number and same for a down candle and open less close (O- C)

You can play with the O H L C portion of the code to measure for wicks in relation to the real body of the candle etc

More at the link to the article

-William

Today Globex /CL M5 chart. The purpose of this is to provide a quick scan/ glance of price action.

-William

A quick way to measure price action.

Use the Price Retracement Tool.

Set one of the configs (TC1 etc)

Tools >> Tool Configs >> Price Retracement Config >> Levels >> 100, 50, 20, 0. Check show, choose colors, styles etc.

Chart >> Chart Settings >> Advanced Settings >> Adjust Tool Values to Tick Size

When using mouse to draw retrace have "Auto Snap On Creation" checked (right click shortcut)

Pull low to high or high to low (100% to 0%)

-William

Good example of price action failure & continuation

-William