Wick Strategy Analyzer

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Overview
This indicator analyzes candle wick patterns and evaluates their outcomes over a user-definable range (default is 1 year). Labels are rendered on the chart to mark events that meet the specified wick condition.

Features
Customizable Bar Range - users can specify the range of bars to include in the analysis. Default is 365 bars back from the most recent bar (bar 0)

Visual Indicators - labels are rendered to mark conditions & outcomes.

1. Wick Condition Met - an Orange label below the wick candle displaying the wick’s percentage size.
   
2. Outcome Labels - rendered above the candle after wick condition met candles
   
   • P (Green): Pass
     
   • F (Red): Fail
     
   • N (Navy): Neutral
     
   • I (Blue): Indicates the current candle has not yet closed, so the outcome is undetermined.
     

Input Parameters

• Wick Threshold [default 0.05 (5%), range 0.0 to 1.0] - minimum wick size required to qualify as a wick condition.
  
• Success Margin [default 0.0, range 0.0 to 1.0)] - Defines the margin for classifying outcomes as Pass, Fail, or Neutral. E.g., a success margin of 0.01 requires the next candle's close to exceed the wick candle's close by 1% in order to be a Pass.
  
• Bar Offset Start [default 0] - starting offset from the last bar for analysis. A value of -1 will include all bars.
  
• Bar Offset End [default 365] - ending offset from the last bar for analysis. Bars outside this range are excluded.
  

Example Scenario
Goal: Analyze how candles with a wick size of at least 3.5% perform within a success margin of 1% over the past 540 days.

Setup:

• Set Wick Threshold to 0.035
  
• Set Success Margin to 0.01
  
• Set Bar Range Start to 0
  
• Set Bar Range End to 540.
  

Expected Output

• Candles with a wick of at least 3.5% are labeled.
  
• Outcome labels (P, F, or N) indicate performance.