Pin bar indicator

bfd

Member
Oct 26, 2008
75
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#1
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.
 

MrMiyagi

Active member
Aug 17, 2008
170
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38
#4
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
 
Likes: elitejets
Jan 14, 2003
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#5
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
 
Apr 25, 2008
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www.go-to-edinburgh.com
#6
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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rags2riches

Well-known member
Feb 25, 2007
399
134
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#10
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...
(y)

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.
 

bfd

Member
Oct 26, 2008
75
1
18
#12
Thanks for the links.

(y)

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.
It would be great to have a pin bar alert script that recognized the trendlines that you draw on your charts and only alerted you when a pin bar hit one of these, or within a few pips.
 
Jan 14, 2003
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#13
It would be great to have a pin bar alert script that recognized the trendlines that you draw on your charts and only alerted you when a pin bar hit one of these, or within a few pips.
This has already been done in Tradestation.


Paul
 

MrMiyagi

Active member
Aug 17, 2008
170
44
38
#14
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...
Sorry OP, bit off topic...

MrG, are you coming from the short term angle on this? I can see what you mean if so.. I've personally found, as an EOD type / daily timeframe trader, automated pattern searches invaluable.

An example. I keep at most times a portfolio of simple bullish / bearish / neutral option strats on various markets. Every few days or so, I run the pattern screener to broadly look for markets that are turning, slowing, accelerating etc. I spend a little more time with the markets that interest me, getting into the hourly data, seeing how fast or slow they've been moving, check my smiles, skews, volume and whatnot. digging the dirt essentially.. and trade accordingly. I don't search the universe, just a few exchanges.

I'm not 'monogamous' in what I trade, so it saves me a lot of time, time better spent doing what I love most, kicking back and fanning my balls.
 
Nov 23, 2007
2,778
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#15
Sorry OP, bit off topic...

MrG, are you coming from the short term angle on this? I can see what you mean if so.. I've personally found, as an EOD type / daily timeframe trader, automated pattern searches invaluable.

An example. I keep at most times a portfolio of simple bullish / bearish / neutral option strats on various markets. Every few days or so, I run the pattern screener to broadly look for markets that are turning, slowing, accelerating etc. I spend a little more time with the markets that interest me, getting into the hourly data, seeing how fast or slow they've been moving, check my smiles, skews, volume and whatnot. digging the dirt essentially.. and trade accordingly. I don't search the universe, just a few exchanges.

I'm not 'monogamous' in what I trade, so it saves me a lot of time, time better spent doing what I love most, kicking back and fanning my balls.
Not really coming from any angle TBH; I don't doubt that using some screening will help cut down the time spent looking for potential trades - absolutely not... rather my point was that the trade isn't a trade because of the pin bar (and so going into the minitae of what qualifies is a fruitless task, to an extent at least). The trade is there because there is a changing appetite for the asset; that is why the pin bar is there, it just happened to catch the phenomena.

A trade is a trade because you are making a judgement on the markets' appetite for the asset (Causation) [and in the case of pin bars, when there is a paradigm change from High demand -> Low demand, or vice versa], not because there was a specified candlestick (Correlation). This is what I'm getting at.
 
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