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Advanced Pin Bar Detector

Efficient and non-repainting Pin Bars pattern detector indicator with the following abilities. I called it efficient as I personally tried each pin bar detector (available online) when developing an Expert Advisor for a client but no pin bar detector was able to give correct signal.

  • Can detect pin bars in any currency pair and in all time frames.
  • Ability to change color and size of detecting points (smiley faces).
  • Ability to change the distance offset of the smiley faces from the candle (in pips).
  • Ability to change the pin bar ratio. Default is 0.4 means 40% body and 60% wick. But it is changeable from input variable (PBRatio).
  • Ability to determine the minimum bar size (in pips), which can be considered for pin bar. Default minimum bar size (in pips) is 5. But you can change it from input variable (MinBarSize).
  • Ability to be used in an Expert Advisor.
  • Two Types of Alerts provided, e.g. Potential Pin Bar Alerts and Confirmed Pin Bar Alerts, which can be turned ON/OFF.   

After closing the right eye candle, if that bar satisfies the pin bar pattern definition, then user will be alerted about its confirmation, otherwise a DANGER Sign will be placed on the pin bar suggesting that it did not qualified the pin bar pattern definition.

Users are advised to wait for the confirmed signal after closing RIGHT EYE candle, e.g. the bar after smiley face bar.

The screenshots attached are of the same chart with the following different settings:

  • 1st screenshot: PBRatio=0.4, MinBarSize=10 pips.
  • 2nd screenshot: PBRatio=0.4, MinBarSize=5 pips.
  • 3rd screenshot: PBRatio=0.33, MinBarSize=5 pips.
  • 4th picture shows the classic pin bar pattern with left eye, nose and right eye candles.
m.reza
17
2014.03.19 12:51   

Hi,

first of all thanks for the indicator. However the alert function does not work correctly.

Please note the following issues:

1. Alert is given on every new bar!!! Even if there is no pin bar at all...

2. Alert is listed as both – buy and sell signal – in the alert window

Please provide an update,

thanks

Version 4.1 - 2014.11.10
Added Email alerts.
Version 4.0 - 2014.04.14
Alerts are OFF by default. Never the less user can make alerts ON with input variables provided for alerts.
Version 3.0 - 2014.04.14
In version 2, we were considering only nose candle of the pin bar pattern. To convert it into the classic pin bar strategies we have made following changes in the version 3:

As for pin bar pattern we must consider the RIGHT EYE candle and wait for the right eye candle close, therefore, instead of single alert we have added two types of alerts e.g. 1-PotentialPinBarAlert 2-ConfirmedPinBarAlert. Please note that a true/false input variable have been provided to turn these or any of them ON/OFF.

After the nose bar closed and it meets the criteria of a potential pin bar then a smiley face will be placed on the bar (color depends on direction). On this point, it is our potential pin bar and the user will be alerted about it.

After closing the right eye candle, if it satisfies the pin bar pattern definition, then user will be alerted about its confirmation, otherwise a DANGER Sign will be placed on that pin bar suggesting that it did not qualified the pin bar pattern definition.

Users are advised to wait for confirmed signal after closing RIGHT EYE candle, e.g. the bar after smiley face bar.
Version 2.0 - 2014.03.21
Alerts bug been removed.