Automatic PinBar detector
This indicator finds a pinbar in the chart and marks it .
Indicator has individual settings and it is possible to turn on the alarm.
The Pin Bar
The Pin Bar is very different from other reversal candlestick chart formations because it is a bar/candlestick with a long tail or wick, a very short body. The name itself (the pin “bar”) refers to using a bar chart but I prefer using candlestick charts can help you see the formation clearly on a chart.
This is a more detailed analysis of the pin bar and then we will cover the Pin Bar Trading Strategy Rules.For A Bearish Pin Bar Formation:
- The long tail tells you that the bulls took over and pushed the price up to form a high, but that high was not maintained.
- The bears came, took over and pushed price down all the way, wiping away the price gains made by the bulls
- The price fell, made a low and then closed below the opening price in the red.
When you see such a bearish pin bar formation, you should be alert that the bears are now most likely taking over the market and may continue to push price down.For A Bullish Pin Bar Formation:
- a bullish pin bar formation is the exact opposite of the bearish pin bar formation: the long tail tells you that initially, the bears took control of the market and pushed the price all the way down to make a low but this low was not sustained.
- After the low was made, the bulls took over with such ferocity and force and pushed the price all the way up, completely wiping all the downward price moves made by the bears and making a high and finally closing a little bit below the high in the green