PinBarMultiAlert
- Indicators
-
Igor Bulyshev
Умный, красивый, в меру упитанный и талантливый трейдер-программист в полном расцвете сил!!)) - Version: 5.1
- Activations: 5
This is a multi-currency indicator. It scans all symbols from the "Market Watch" window on the timeframe you select in settings and generates alerts for any of them where a pin bar appears. Arrows are drawn only on the chart where the indicator is installed, and only for the symbol of that chart (arrow drawing can be disabled in settings).
The indicator analyzes each candle (bar) and checks three main conditions:
Small body — the body (difference between open and close prices) should occupy no more than 20% of the entire candle length. This means the market didn't move much within the candle.
Long tail — one of the tails (lower for bullish candles, upper for bearish) should be no shorter than 80% of the entire candle. This shows strong price deviation and subsequent return.
Short "nose" — the opposite tail should be very small (no more than 15% of candle length). This filters out candles with two long tails (like "doji") and leaves clear pin bars.
What the Arrows Mean:
Green arrow from below — bullish pin bar (lower tail is long, body at top). Buy signal. Arrow placed under the candle minimum.
Red arrow from above — bearish pin bar (upper tail is long, body at bottom). Sell signal. Arrow placed above the candle maximum.
Additional Settings:
Minimum candle size — indicator ignores too small candles (default 15 points).
Arrow offset — to prevent arrow from overlapping with candle, it's drawn slightly below minimum or above maximum (35 points).
What is this for?
The indicator helps quickly find reversal patterns without manually checking each candle. The signal is considered stronger if it appears at key levels (support/resistance) or after a strong trend. However, the indicator itself doesn't check market context — that's already the trader's task.
Important:
The indicator doesn't predict the future; it only shows a formed pin bar on a closed candle.
Better to use it with other filters (trend, levels, volumes).
It provides very clear criteria to filter out questionable patterns.
INDICATOR SETTINGS
1. Maximum Body Ratio (InpBodyRatio = 0.2)
What it is: Maximum allowable body size (open-close difference) relative to the entire candle range (high-low).
Default: 0.2 (20%)
Meaning: The smaller the body, the clearer the pin bar. If the body is more than 20% of the candle range, it's not considered a signal.
2. Minimum Tail Ratio (InpTailRatio = 0.8)
What it is: Minimum length of the main (long) tail relative to the entire candle.
Default: 0.8 (80%)
Meaning: A long tail is the main feature of a pin bar. It should occupy at least 80% of the entire candle height. For bullish pin bars, this is the lower tail; for bearish — the upper tail.
3. Minimum Candle Size in Points (InpMinPoints = 15)
What it is: Absolute minimum candle size (high-low) in standard points.
Default: 15 points
Meaning: Filters out too small candles that could be noise. For example, on 5-digit brokers, 1 point = 0.00001 for currency pairs. So candles shorter than 15 such points are ignored.
4. Arrow Offset from Candle (InpOffset = 35)
What it is: Distance (in points) from the candle extreme to the drawn arrow.
Default: 35 points
Meaning: To prevent the arrow from overlapping the candle and being clearly visible. For bullish signals, the arrow is drawn below the minimum by this amount; for bearish — above the maximum.
5. Maximum Opposite Tail Ratio (InpOppositeTailMax = 0.15)
What it is: Maximum allowable size of the "nose" — short tail on the opposite side of the candle.
Default: 0.15 (15%)
Meaning: This is a key filter. A classic pin bar should have one very long tail and the other tail — very small. If both tails are long (candle looks like "doji" or "butterfly"), the signal is filtered out. Value of 15% means the short tail shouldn't exceed 15% of the entire candle length.
6. Timeframe (dropdown)
What it is: Which timeframe to search for pin bars on. You can choose any, even not matching the chart timeframe.
Default: Selected timeframe matches the chart where indicator is installed.
Meaning: If H1 is selected, the indicator will search for signals on hourly candles, even if the chart is opened on M5.
7. Alerts
If enabled, a standard Alert sound will play and a message window will appear with each new signal.
8. Draw Arrows
Whether to draw arrows on the chart (only for the current symbol) where the indicator is installed.
How They Work Together:
The indicator checks each candle against all four conditions simultaneously:
Body ≤ 20% of range
Main tail ≥ 80% of range
Opposite tail ≤ 15% of range
Total candle size ≥ 15 points
Only if all conditions are met, an arrow is drawn.
Configuration Recommendations:
For sensitivity (more signals): Reduce InpBodyRatio (e.g., to 0.15), increase InpTailRatio (to 0.9), but be careful with opposite tail — better leave at 0.15 or even tighten to 0.1.
For reliability (fewer false signals): Keep standard values or reduce InpOppositeTailMax to 0.1, increase InpMinPoints to 20-30.
For different timeframes: On higher ones (H1, H4), you can leave 15-20 points; on lower ones (M5, M15), it makes sense to reduce to 10.
The indicator doesn't check for historical data availability for all symbols. If there's no quotes for some symbol in the selected timeframe, it will be skipped. Make sure the needed pairs are in "Market Watch" and they have history.
