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Pin Bar MTF Alerts
The indicator detects Pin Bars on the specified timeframes and notifies about new patterns found (via MetaTrader alerts, PUSH-notifications, emails).
Patterns found on the current chart are highlighted.
There are some extra options of pattern detection based on volume and the Pin Bar's position in relation to the previous bars.
This indicator is useful tool for Price Action trading.
- Draw Mode - set the way to draw patterns on the current chart (draw as bars or as candles).
- Pattern Name - define pattern name in notifications.
- Enable Alerts - turn on/off sound alerts of the indicator.
- Enable Email Notifications - turn on/off notifications by email given in the settings of MetaTrader.
- Enable Push Notifications - turn on/off notifications being sent to the mobile client with ID specified in MetaTrader settings.
- Tail/RestPart Ratio - required proportion of the range between the end of the "tail" and the close price, and the distance between the opposite end to the close price.
- N prev bars of certain direction - set the length of the sequence of candles with growing bodies preceding a bearish pin bar and vice versa.
- Extremum of N previous bars - pin bar's "tail" must stand out from the specified number of previous bars.
- Max Volume of N previous bars - set the required number of previous bars with lower volume comparing to the Pin bar.
- Min Bar Size on MN1
- Min Bar Size on W1
- Min Bar Size on D1
- Min Bar Size on H12
- Min Bar Size on H8
- Min Bar Size on H6
- Min Bar Size on H4
- Min Bar Size on H3
- Min Bar Size on H2
- Min Bar Size on H1
- Min Bar Size on M30
- Min Bar Size on M20
- Min Bar Size on M15
- Min Bar Size on M12
- Min Bar Size on M10
- Min Bar Size on M6
- Min Bar Size on M5
- Min Bar Size on M4
- Min Bar Size on M3
- Min Bar Size on M2
- Min Bar Size on M1
The parameters from Min Bar Size on MN1 to Min Bar Size on M1 set the minimum required bar's range (distance between High and Low) for each timeframe. Bars with lower ranges are ignored. Negative value of the parameter disables pattern search and drawing of the indicator on the corresponding timeframe. The optimal values of the minimum required bar ranges are assigned and pattern search is disabled on timeframes lower than H1 by default.
According to Price Action the trading signal of the Pin Bar pattern is the breakout of its border opposite to the tail. Stop Loss should be placed beyond the end of the "tail" of the pin bar. To improve the accuracy of trading signals, it is strongly recommended to trade only according to the trend direction. This approach reduces the number of signals but increases their reliability.
If you work with timeframes lower than D1, place the Stop Loss orders beyond the nearest extremum or the border of a trading range to avoid its premature triggering.
Pin bars are divided into "bullish" and "bearish". The criteria of their recognition are illustrated in the last screenshot.
The main signs of a "bullish" Pin bar:
- (Close - Low) /(High - Close) > Tail/RestPart Ratio (is an input parameter), i.e. "the lower tail" is Tail/RestPart Ratio times greater than the rest part.
- Open > (High - Low)/2, i.e. the open price is higher than the middle of the bar's range.
The main signs of a "bearish" Pin bar:
- (High - Close) /(Close - Low) > Tail/RestPart Ratio (is an input parameter), i.e. "the upper tail" is Tail/RestPart Ratio times greater than the rest part.
- Open < (High - Low)/2, i.e. the open price is lower than the middle of the bar's range.