Bermaui Pin Bars
Bermaui Pin Bars
Or (BPB) is an indicator that finds Pin Bars price action pattern on the chart. Pin Bars is a shortcut for "Pinocchio Bars" which is a classic bar pattern alternative to Japanese candlesticks with tall upper or lower shadows and very small bodies like Hammer, Inverted-Hammer, Hanging Man, Shooting Star, Dragon Fly Doji or Grave Stone Doji.
Bermaui Pin Bars indicator find this pattern depending on a formula that can be explained in the next steps:
- At first BPB calculate the center of the candles body ( = [Open + Close] / 2).
- Then BPB finds the distance between the center of the body and the candle low.
- The last step is to divide step 2 results by the candle range.
- If the candle body center is too close to the high or the low of the candles, then BPB detect a Pin Bar pattern and alert the user.
- Bermaui Pin Bars Formula: https://www.mql5.com/en/blogs/post/729139
I enhanced Bermaui Pin Bars functionality by adding:
- A Multi Time Frame Candles Direction Panelto tell you the situation of the current candle for all time-frames. Where Green dots mean that Close>Open, Red means Close<Open and Yellow means that Close=Open.
- Bermaui Bandsto help you figure out if the current trend is bullish, bearish or neutral. You can read more about it from HERE.
Bermaui Pin Bars Features:
- Draw Pin Bar patterns on the chart.
- Help the user to identify the trend depending on MTF Candles Direction Panel plus Bermaui Bands.
- A well-designed color list with two options (Black / White Background).
- Sound, email & mobile notifications depending on user's choice.
Bermaui Pin Bars most important parameters:
- BPB Colors List:Switch between color lists (Black / White Background).
- Candles [Min =2]:number of candles used in bands calculations. The default is 50.
- Deviation Multiplier [>0]:this parameter will help you to control Bermaui Bands width or how much far the bands can be away from the center-line. Default is 2.1.
If you have any questions then please, contact me via a private message or, write them in the comment section.
Muhammad Al Bermaui, CMT