Or (BPB) is an indicator which find Pin bars price action routine 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 inclines and incredibly tiny
bodies such as 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 compute the middle of the candles body ( = [spacious Close] / two).
- subsequently BPB finds the space between the middle 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 Demo: https://www.mql5.com/en/market/product/43091
- 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 Panel to tell you the situation of the current candle for all time-frames.
Where Green dots mean that Close>Open, Red means Close - Bermaui Bands to 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