Pinbar Pattern Scanner
The Pinbar pattern scanner is a powerful NON-REPAINTING, NON-LAGGING Price action tool that utilizes Pinbar and its application with outside and inside bar to alert the trader of possible Price rejection in any forex symbol in any of the 9 timeframes, all from the simplicity of one open chart.
This one outshines other scanners by giving the trader options to tune available pinbar patterns according to his or her style of trading and comfort. Although developed for forex, the Pinbar pattern scanner can be used for binary option as well, but by those with a firm understanding of price action.
CHECK OUT THE NEW REVOLUTIONARY BOUNCE FILTER AND HOW TO USE IT IN BLOG.
Note: User Manual and strategies: https://www.mql5.com/en/blogs/post/724335
Inputs in the scanner:
- Symbols to check: EURUSD,AUDUSD,CHFJPY,CADJPY
- M1 Timeframe On? (Y/N):
Note - Only on enabling the timeframes do the alert function Work.
- M5 Timeframe On? (Y/N):
- And so on...
GENERAL PATTERN OPTIONS-------
- Candle ATR multiplier: To rule out the ones in Low volatility area.
- ATR period: 14
- Strict Pins On? (Y/N): Enables the following two options.
- Body Max Percentage%: Percentage of pinbar body/candle ratio
- Body Located Percentage %: If value = 40, scanner only detects Bullish Pinbar with the body in the upper 40% of the candle and for Bearish, body in the Lower 40%.
- Short Wicks On? (Y/N):
- Short Wick Percentage %: If value = 10, Nose of the pinbar must less than 10 percent of the whole candle to be valid.
- Max Bars: 200, Looks at last 200 candles of the chart for patterns. Since the scanner is going to working in many chart and timeframes, Please refrain from using High numbers.
REVERSAL PINBAR PATTERN OPTIONS-------
- Reversal PinBar On? (Y/N): Individual patterns can be turned On or off. Only Yes option will show them on the chart and raise alert from other Tfs.
- PinBar Pattern Type: 3 Choices - draws an arrow on a.Pinbar completion, b.Confirmation while the candle is open and crossed High or Low of Pinbar, c.Confirmation candle closing beyond Hi/Lo
- PinBar Body Decrease? (Y/N): Bodies of last three candles including Pinbar should be Decreasing.
- PinBar Wick Increase? (Y/N): Lower shadows of the last three candles should be increasing and upper shadows for the bearish pattern.
- Alert On Reversal PinBar Pattern? (Y/N): Individual pattern alert should be On, Otherwise, they will appear on the chart but not throw an alert.
- PinBar + Inside On? (Y/N):
- Inside + PinBar On? (Y/N):
- Alert On Pattern Detect? (Y/N): Self-explanatory!
- Alert On Breakout? (Y/N): Alert on Breakout beyond Hi/Lo of Mother bar in the direction of the pattern.
- Breakout Type: Tick price (Arrow on same candle of breakout) Or Closing Price (Arrow on Next candle after Breakout has closed beyond Hi/Lo).
- Upper/Lower Lines On? (Y/N): Line extending from High and Low of Mother bar
- Breakout Max Bars: 1-3, Beyond the inside bar, how many bars user is willing to wait for the breakout.
- Reverse Breakout On? (Y/N): Alert on Breakout in either direction. PLEASE SWITCH OFF WHILE USING BOUNCE FILTER(***)
OUTSIDE PINBAR PATTERN OPTIONS-----------
- PinBar + Outside On? (Y/N):
- Outside PinBar On? (Y/N):
- Alert On Pattern Detect? (Y/N):
- Alert On Breakout? (Y/N): Breakout In the direction
- Breakout Type: Tick price Or Closing Price
- Proximity Zone Bars: Distance between Pinbar and Outside bar
- Reverse Breakout On? (Y/N): ***
- DUAL PINBAR PATTERN OPTIONS--------------
- TEXTBOOK PINBAR PATTERN OPTIONS--------
- LABEL: Inside-pinbar combo and Outside-pinbar combo have labels INITIALS that can be turned on and off
- TREND FILTER SETTINGS: Option to allow Buy signal during an uptrend and Sell Signals during a downtrend. MAs and MACD settings can be customized as well.
- RSI FILTER SETTINGS: To selectively scan for the patterns in an Overbought or Oversold zone. HTF RSI check available.
- BOUNCE FILTER: Please read Blog.....
- All Alerts and ON CHART PRINT.
ARROWS DO NOT REPAINT AND ARE CODED TO APPEAR ON CURRENT CANDLE WHEN THE INPUT CONDITIONS ARE MET. ALL ARROWS COME WITH BUFFERS TO FACILITATE EA DEVELOPMENT. Please test in the demo version and see if this helps in your style of trading and then rent it.
SAFE TRADING EVERYONE.