the index recognizes pin bars (pin bar) for the specified periods and informs regarding the appearance of fresh setups (alarms in the terminal, PUSH messages to smartphones, mails to email).
On the present chart period, the patterns are highlighted in color.
it is possible to pick pin bars depending on the quantity and position of the vertex relative to the previous bars.
the index will help you in trading using the cost Action method, and the additional preferences will make it possible for you to freely experiment with various variations of pin bars outside the generally accepted definitions.
display Settings:
- Draw Mode – the mode of drawing the indicator on the current timeframe (in the form of bars or candles).
Notification Settings:
- Pattern Name – the name of the pattern in the notifications.
- Enable Alerts – enable / disable alerts in the terminal (alerts).
- Enable Email Notifications – enable / disable notifications by email specified in the terminal settings.
- Enable Push Notifications – enable / disable notifications to the mobile client of MetaTrader, whose ID is specified in the terminal settings.
Recognition parameters:
- Tail / RestPart Ratio – the required ratio of the distance from the tip of the” tail ” of the pin bar to the closing price to the distance from the opposite end of the pin bar to the closing price.
- N prev bars of certain direction – the required number of consecutive bars with “bullish” bodies before the “bearish” setup and, similarly, bars with “bearish” bodies before the “bullish” setup.
- Extremum of N previous bars – the number of previous bars relative to which the” tail ” of the pin bar should protrude.
- Max Volume of N previous bars – the required number of previous bars with a smaller volume compared to the pin bar.
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- Min Bar Size on MN1
- Min Bar Size on W1
- Min Bar Size on D1
- Min Bar Size on H12
- Min Bar Size on H8
- Min Bar Size on H6
- Min Bar Size on H4
- Min Bar Size on H3
- Min Bar Size on H2
- Min Bar Size on H1
- Min Bar Size on M30
- Min Bar Size on M20
- Min Bar Size on M15
- Min Bar Size on M12
- Min Bar Size on M10
- Min Bar Size on M6
- Min Bar Size on M5
- Min Bar Size on M4
- Min Bar Size on M3
- Min Bar Size on M2
- Min Bar Size on M1
The Min Bar Size on MN1 – Min Bar Size on M1 parameters define the minimum required bar range (High-Low distance) for each timeframe. Bars with a smaller range are ignored. A negative value of the parameter disables the search for patterns and the drawing of the indicator on the corresponding timeframe. By default, the optimal values of the minimum ranges are set and the search for patterns on timeframes less than an hour is disabled.
The signal of the “Pin-bar” pattern is the breaking of its border, opposite to the “tail”. The stop loss is placed behind the tip of the “tail”. To improve the accuracy of the signals, it is recommended to trade only in the direction of the trend. This approach reduces the number of signals, but significantly increases their reliability.
When working with periods of less than one day, it is recommended to set a stop loss for the nearest extreme or border of the trading range to avoid false triggering.
The appearance of a pin bar is an indirect sign of the end of the current trend wave.
Pin bars are divided into “bullish” and “bearish”. The criteria for their recognition are shown in the last screenshot.
The main signs of a “bullish” pin bar:
The main signs of a “bearish” pin bar:
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