The indicator detects and visualizes one of the fundamental patterns of Price Action. On high timeframes (from 1 day to a month) the pin bar is a strong signal to enter the market in a direction opposite to the long shadow. The indicator is calculated only on complete bars.
The input parameters are:
input int MinBarSize=200; //Minimal bar range in points input int PriceOffset=50; //Shift of the open price and stop loss from the bar boundaries in points input double BarRatio=2.2; //Minimal ratio of the bar range to the body input double TailRatio=1.3; //Minimal ratio of a larger tail to the remaining part of the bar input bool UseBodyDirection=false; //Flag for checking the direction of the bar body. Bearish pin bar - bearish body, bullish bar - bullish body input bool UseCloseThirds=true; //Flag for checking the bar part in which it closed. For bearish bars - in the lower third of the bar, //for bullish bars - upper one input int ExtremumOfBars=10; //Checking the condition of location of the pin bar at the extreme relative to the specified number of previous bars
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/1768
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