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The indicator searches for Price Action pin bars on the chart and marks them. Also, a signal pointer is placed on the opening price of the candle following the pin bar found.

There are four parameters for filtering candlesticks:

  • Minimum size of a candle from low to high – the minimum size of the desired candle in points from High to Low, less than which candles are skipped. The parameter is set as for four-digit quotes.
  • Maximum size of the candle body relative to its shadows – the maximum size of the candle body relative to its shadows. Set between 0 and 1. If the body size of the desired candle is larger than the specified parameter, then this candle is skipped. 0.33 = the size of the candle body should not be more than a third of the entire candle size from High to Low.
  • Position of the body relative to the previous candle – the position of the body of the pin bar candle relative to the High and Low of the previous one. Set in the range from 0 to 1. If the middle of the body of the pin bar candle is not higher (short) or not lower (long) than the specified limit, then such a candle is skipped. 0.25 = The opening of the candle should not be lower than the upper quarter of the previous candle (for short) and not higher than the lower quarter of the previous candle-for long.
  • Aspect ratio of the shadows – the ratio of the size of the shadows of the pin bar candle. Says how many times the size of the “signal” shadow should be greater than the size of the opposite shadow. The value cannot be less than 0.1.

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Published

05 January 2016

Updated

Current Version

1.0

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