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
Joined Apr 2009
Be pointless... You need to look at the chart you lazy bum
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Old Apr 28, 2009, 10:58am   #4
 
MrMiyagi's Avatar
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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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Joined Jan 2003
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.


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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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