Find Pin Bars
The indicator identifies Price Action pin bars on a chart and highlights 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:
- Minimum size of a candle from low to high - 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.
- Maximum size of the candle 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.
- Position of the body relative to the previous candle - position of the pin bar candlestick body relative to 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.
- Aspect ratio of the shadows - the ratio of the candlestick shadow sizes of the pin bar. 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.