Pin bar indicator

This is a discussion on Pin bar indicator within the Trading Software forums, part of the Commercial category; Hi all, Does anyone know of a script which will give a signal when a pinbar is formed on your ...

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Old Apr 27, 2009, 10:59pm   #1
bfd
Joined Oct 2008
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.
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Old Apr 28, 2009, 2:41am   #2
Joined Mar 2007
you are probably better off going to your corner shop and purchasing a lucky dip........
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Old Apr 28, 2009, 9:14am   #3
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Be pointless... You need to look at the chart you lazy bum
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Old Apr 28, 2009, 10:58am   #4
 
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Quote:
Originally Posted by bfd View Post
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.
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
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Old Apr 28, 2009, 1:02pm   #5
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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
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Old Apr 28, 2009, 2:10pm   #6
Joined Apr 2008
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")
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Old Apr 28, 2009, 5:35pm   #7
 
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Quote:
Originally Posted by Trader333 View Post
Hammers are not the same as Pinbars.
What's the equivalent? Doji?
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Old Apr 28, 2009, 5:44pm   #8
 
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Originally Posted by MrMiyagi View Post
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.
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Old Apr 28, 2009, 5:55pm   #9
Joined Nov 2007
If you concentrate too much on what is / isn't a pin bar, and an easy way to find them, you are going to miss completely the price action and paradigm change in the market that is the grounds for the trade in the first place...
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Old Apr 28, 2009, 6:01pm   #10
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Originally Posted by MrGecko View Post
If you concentrate too much on what is / isn't a pin bar, and an easy way to find them, you are going to miss completely the price action and paradigm change in the market that is the grounds for the trade in the first place...


Pinbars by themselves are utterly meaningless. Time is much better spent looking for interesting levels and confluence and price action as TD has stated again and again.
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