- TailToBodyRatio - defines the minimum ratio between the length of the tail and the body size of the pin bar.
- NoseToTailRatio - sets the maximum allowable ratio between the "nose" and the tail of the pin bar.
- ArrowSize - defines the distance between the marked pin bar and the arrow pointing to it on the chart.
Application: "Pin Bars" indicator can be used to identify potential trend reversal points and generate signals to enter the market or close positions. When used correctly and combined with other technical indicators and analysis methods, the indicator is able to improve trading results.
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- The indicator is not a ready-made trading system and should be used in combination with other analysis tools.
- It is recommended to test and optimize the parameters of the indicator on historical data before using it on a real account.
Conclusion: "Pin Bars" indicator is a convenient and easy–to-use tool for identifying pin bars on charts. It can be a useful addition to your trading strategy, helping to identify potential trend reversals and improving trading results.