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PinBar Indicator

We have developed an indicator that identifies profitable PinBar to be traded with a success rate of 90% (as demonstrated in the video). If you follow the proper strategy and trade on the pins as per above six conditions, you can eliminate chances of losing trades. Every pin if identified correctly as per H4 charts, gives you 50-150 pips in just one trade.


Inputs

  1. AutoBarSize: if True, the indicator will calculate size of the candle based on a chart (H1, H4, D1, etc.).
  2. MinBarSize: if AutoBarSize is False, you can manually enter a size of PinBar.
  3. PriceOffset: number of points (pips) to add (or minus) from High or Low of the PinBar to mention an entry price and a stop loss.
  4. BarRatio: PinBar nose to candle ratio. Default is set to 5 (better to keep it 5).
  5. Pin_Nose: PinBar nose to candle body ratio.
  6. Extrem_OfBars: a bearish PinBar should be higher of how many previous candles and Bullish PinBar should be lower of how many previous candles.


A good pin bar has:
  • A long nose (and a long nose relative to the open/close/low)
  • a nose protruding a long way from the prices around it
  • the open/close both near one end of the bar.


The best pin bars are played as they bounce off either:
  • Fibonacci levels (retracements of the previous move)
  • Important pivot levels
  • Moving averages
  • Confluence (several MA or Fibo levels in the same general region)
  • Swing high/swing low
  • Retracement of the current move (must retrace a minimum of 23% Fibo retracement of the current move), which is a lower probability play.

For the BEST results, a trader may trade a pin bar on the swing high (or swing low) or a pin bar that is bouncing off confluence (Fibo levels). The PinBar is a very reliable setup under these circumstances, indicating that there is a high probability that prices will change direction – which is a very tradeable setup.

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Version 1.1 - 2015.12.02
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