This indicator marks the candle when a pinbar or engulfing is formed.
The difference between this version and other versions is that you can customize the pinbar and engulfing features in the settings.
This indicator plots MAs and paints Triggered Alert Arrows base on Flying Buddha candle patterns.
The “Flying Buddha” Pattern is defined as:
A candlestick chart with two moving averages: the 5 period exponential moving average (fast EMA) and the 10 period simple moving average (slow SMA),...
Hello everyone, this is a simple script for determining a qualified Pinbar
(1) Indicator introduction
This indicator can combine multiple K-lines and determine whether the combined K-line is a qualified Pinbar
Supports the calculation of Pinbar strength and filters out undesirable Pinbars by a minimum threshold
(2) Parameter introduction
The strategy finds the nearest pinbar pattern and opens a position (long or short). You choose your take profit and stop loss multiplier.
Take Profit - X times the pinbar size from it's highest point.
Stop loss - X times the pinbar size from it's lowest point.
You can find more detailed screenshots and the source-code on my github page: ...
This indicator allows you to filter noisy pin bar chart, with pin bars which have been rejected from dynamic support/resistance level also named as 21 Moving Average.
I would consider to work only on higher time frames like 1H and higher, so you really can find only best entries.
Have fun, write your feedback in the comments section:)
P.S This is the first...
Pin Bar is one of the most important candlestick patterns. Almost every time you see a pin bar, you can expect the price to turn in the opposite direction.
You should pay more attention to the abnormal ones among the pin bars. What I mean by abnormal pin bar is that the long leg is at least 3 times larger than the body.
With this indicator, you can set your own...
My first script to identify pin bars with a predefined rules, any feedbacks are welcome.
1. Body of the candle should be above the 50% of the day's price range
2. Either the open or the close should be above the 30% of the day's price range
if both the above conditions are met then a bullish arrow is produced with "B".