IBS_WickandBody_ATR

Indicator Description
This indicator provides a detailed analysis of the structure and volatility of each candlestick. It is designed to help traders better understand the balance between buying and selling pressure within individual bars, as well as the short-term volatility environment.

📌 Features

Candlestick Structure Analysis

Calculates the relative percentage of the upper wick, lower wick, and real body of each candle.

Helps traders visually and numerically evaluate whether a candle is dominated by bullish, bearish, or indecisive pressure.

IBS (Intraday Bar Strength)

Computes the Intraday Bar Strength value, showing where the close is located relative to the high-low range.

A high IBS indicates strong closing near the high, while a low IBS indicates weakness near the low.

Range Measurements

Displays the candlestick range in both price units and ticks.

Useful for traders who need precise range data for scalping or range-based strategies.

ATR (Average True Range) Volatility Filter

ATR is included with a configurable period setting.

Provides a contextual measure of volatility, helping traders compare current bar size against recent market behavior.

Dynamic Chart Labels

Key values (such as wick percentages, IBS, and range) are displayed directly on the chart through dynamic labels.

This allows for quick interpretation without opening extra panels or indicators.

📈 How to Use

Add the indicator to any chart and configure the settings (ATR period, label visibility, etc.) according to your trading style.

Use wick/body ratios to spot candles with unusual buying/selling pressure.

Combine IBS with ATR to identify potential exhaustion or continuation setups.

The dynamic labels are best used on lower timeframes for scalpers, but they can also provide insights on higher timeframes for swing traders.

🔍 Practical Applications

Identify reversal candles where one wick dominates.

Measure strength of breakouts by comparing candle body % and IBS values.

Detect volatility shifts by monitoring when bar ranges deviate from the ATR baseline.

Support scalping strategies that rely on tick-based range detection.

✅ Notes

This is a standalone indicator and does not require any other script to function.

Works on all markets (stocks, futures, forex, crypto).

For best results, use in conjunction with price action analysis or your preferred trading strategy.