Pin bar indicator
 

Hi all,

Does anyone know of a script which will give a signal when a pinbar is formed on your specified time range?

Thanks alot.

you are probably better off going to your corner shop and purchasing a lucky dip........ :cheesy:

Be pointless... You need to look at the chart you lazy bum

prorealtime.com

looks for any candlestick formations (forming and formed) and does a pretty job good at it too.. they're called hammers for the candlestick fanclub

Hammers are not the same as Pinbars. Also in my view there is benefit from being alerted to a pinbar formation as they do not occur that often. Once alerted you can then see if it has formed as part of a confluence of other price action factors that then maybe is a good setup for a trade.


Paul

All credit to this script goes to ragstoriches, so rep him. This works on IG advanced charts. Probably some others too.

Pinbar indicator called "Pinbar ID"

value = 0
clong1 = low < low[1] and low<low[2]
clong2 = close >= low[1]-1 and open >= low[1]-1
clong3 = abs(open - close) < 4*range/10
clong4 = open > (low + range*5/10) and close > (low + range*5/10)
//clong5 = range > average[100](averagetruerange[14](close))*1.2
//clong6 = SMI[14,3,5](close)<35
cshort1 = high > high[1] and high > high[2]
cshort2 = close <= high[1]+1 and open <= high[1]+1
cshort3 = abs(open - close) < 4*range/10
cshort4 = open < (high - range*5/10) and close < (high - range*5/10)
//cshort5 = range > average[100](averagetruerange[14](close))*1.2
//cshort6 = SMI[14,3,5](close)> -35
if clong1 and clong2 and clong3 and clong4 then
value = 10
elsif cshort1 and cshort2 and cshort3 and cshort4 then
value = -10
endif
return value


pinbar scanner current bar

myPinbarID = CALL "Pinbar ID"
screener[abs(myPinbarID) > 0](close AS "Price")

pinbar scanner previous bar

myPinbarID = CALL "Pinbar ID"
screener[abs(myPinbarID[1]) > 0](close AS "Price")

What's the equivalent? Doji?

Pin bars are a specific kind of hammer or shooting star.
Not all hammers and shooting stars are pin bars, the criteria for pin bars is stricter.