This indicator marks Pin Bars (bars with an unusually long upper or lower candle wick) on your chart. It will also send alerts when one forms, including via e-mail or push notification to your phone. It’s ideal for when you want to be notified of a Pin Bar set-up but don’t want to have to sit in front of your chart all day.
You can configure all the settings including:
- What proportion of the bar should be made up of the wick
- How big or small the total size of the Pin Bar has to be
- Optionally whether the Pin Bar has to be making a new extreme (e.g. new high for a bearish Pin Bar or new low for a bullish Pin Bar).
- What symbol (if any) is plotted to highlight a Pin Bar
- How far beyond the bar it is plotted
- What alerts to receive out of pop-up desktop, e-mail and push notification to your phone
It’s important to understand that the best Pin Bar signals depend on the context of where they occur. So rather than just thinking of it as a pattern of a single bar, instead think about what is happening around it. For example Pin Bars that form on support or resistance levels or key Fibonacci levels are often very powerful.You ideally want a Pin Bar that sticks out from the rest of the price action and which shows a strong rejection of a certain price level. The NBarExtreme input filter will allow you to adjust for this so fine-tune this input for your chosen market. You also need to think about the size of the Pin Bar. A larger than average bar that shows strong rejection can be especially powerful. Adjust the Min and MaxRangeATR parameters in order to fine-tune the indicator for the market that you are trading. By spending a bit of time learning what makes a great Pin Bar and by working with the input parameters in order to tune in to the market this will provide better profits in the long run.
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DoAlert: if set to true a desktop pop-up alert will appear from your MetaTrader terminal whenever an Inside Bar forms
DoNotification: if set to true then a push notification message will appear on your MetaTrader smart phone app
DoEmail: if set to true then an e-mail will be sent to your e-mail address with the alert information in
MinimumTailSize: this is the fraction of the total range of the bar that the long wick has to be
MinRangeATR: this is the smallest size, expressed as a multiple of ATR (average true range), the total range of the Pin Bar can be still to qualify.
MaxRangeATR: this is the largest size, expressed as a multiple of ATR (average true range), the total range of the Pin Bar can be still to qualify.
ATRLength: this is the lookback length to be used to calculated the ATR (average true range) for the Min and MaxRangeATR calculations.
RequireNBarExtreme: if set to true then for a bullish Pin Bar the low of the bar must be the lowest of the last N bars (where N is set by the NBarExtreme parameter)