Discussing the article: "Price Action Analysis Toolkit Development (Part 24): Price Action Quantification Analysis Tool"
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Check out the new article: Price Action Analysis Toolkit Development (Part 24): Price Action Quantification Analysis Tool.
Candlestick patterns offer valuable insights into potential market moves. Some single candles signal continuation of the current trend, while others foreshadow reversals, depending on their position within the price action. This article introduces an EA that automatically identifies four key candlestick formations. Explore the following sections to learn how this tool can enhance your price-action analysis.
A pin bar is a single candlestick with a tiny body and a long tail, or shadow. When you see one, it means the price tried to move far in one direction but was pushed back.
In a bearish pin bar, the long upper shadow shows buyers failed to keep prices up and sellers took over.
Author: Christian Benjamin