The indicator finds for pin-bars on a chart and marks them. Also it sets a signal pointer at the opening price of the candlestick following the found pin-bar.
It has four parameters to filter candlesticks:
- MinCandleSizePT - the minimum size of the candlestick in points from High to Low, below which candlesticks are skipped. This parameter is specified like for the four-digit prices.
- MaxCandleBodySize - the maximum size of the candlestick body relative to its shadows. Set from 0 to 1. If the size of the candlestick body is greater than a preset parameter, this candlestick is skipped. 0.33 = the body of the candlestick should be no more than one third of the total size of the candlestick from High to Low.
- RelativeToPreCandle - the position of the pin-bar candlestick body relative to the High and Low of the previous candlestick. Set from 0 to 1. If the center of the pin-bar candlestick body is not above (short) or below (long) the set limit, then this candlestick is skipped. 0.25 = Opening of the candlestick should not be below the top quarter of the previous candlestick (for short) and not higher than the bottom quarter of the previous candlestick for long.
- AspectRatioShadows - the ratio of the size of shadows of the pin bar candlestick. It shows how many times the value of the "signal" shadow must be larger than the other shadow. The value cannot be less than 0.1.