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Pin Bar Detector with Filters

The indicator finds the Pin bars on the chart, perhaps, the most powerful Price Action pattern. The indicator has additional filters, and the user can:

  • specify all parameters of the pin bar size as a percentage of the total candle size (minimum length of the large wick, maximum values of the short wick and body size).
  • set the number of fractals for the last N bars, the Pin bar is based on, i.e. define the support/resistance levels.
  • specify the required number of bearish/bullish bars before the Pin bar.
  • specify the number of bars before the Pin bar, which form the prior trend before a reversal.
  • it is possible to filter out the filter of the moving average, so that the signal about Pin bar appearance is generated only along the trend! In addition, there are 2 options to determine the trend - 1) Price above/below MA; 2) Inclination angle of the MA must be greater than the specified value.
  • check the volumes on the Pin bar, a rise of volume is usually observed on a good Pin bar.


Settings

  • Right_Direction_of_Pin - should the body of the Pin bar be in the same direction (bullish/bearish)
  • Opposite_Bars_Before - the number of bars in the other direction BEFORE the Pin bar (bullish for bearish Pin bar, bearish for bullish Pin bar)
  • Max_Body_Size_Percent - maximum size of the Pin bar body as a percentage of the total candle size
  • Max_Short_Wick_Percent - maximum size of the short wick of the Pin bar as a percentage of the total candle size
  • Min_Long_Wick_Percent - minimum size of the long wick of the Pin bar as a percentage of the total candle size
  • Check_Initial_Trend - use the filter to determine the prior trend. For the bullish Pin bar the candles BEFORE the Pin bar must have diminishing values of LOW. For the bearish Pin bar - the opposite.
  • RiseFall_Bars - the required number of bars before the Pin bar with the right values of LOW/HIGH
  • Check_Fractals_as_SR_Levels - use the filter for determining the support/resistance levels the Pin should be based on
  • LookBack_Bars - the number of bars back for the indicator to look for fractals
  • Levels_Needs - the required number of fractals
  • Check_MA - use the MA filter and select the method for determining the trend
  • Shift_for_Angle - shift of the MA for determining the trend based on the inclination of the MA
  • Min_Angle_Value - minimum value of the angle
  • MA_Period - МА period
  • MA_Shift - МА shift
  • MA_Method - MA calculation method
  • MA_Price - applied price of the MA
  • Check_Volumes - use the volume filter
  • Volume_more_than_Previous_Bar_Percent - the percentage by which the Pin bar volume must be greater than the volume of the previous candle
  • AlertON - channel breakout on-screen alert
  • SoundON - channel breakout audio alert
  • EmailON - channel breakout email alert
  • NotificationON - channel breakout push notification
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