Pin Bar Indicator

[youcrazykids]

Good afternoon all,

I'm one of those perennial lurkers on the forum, who only very occasionally sticks their head above the parapet. Here's one such occasion.

I've always been interested in pin bars, and how they can play a role in indicating a shift in sentiment. So, I finally got my act together and wrote an Empty4 indicator to highlight them on a chart by recolouring the relevant candle. Here it is in action, illustrating both bullish (yellow) and bearish (blue) occurrences:

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In the future, I may get round to adding further functionality such as Moving Average filtration, etc. But for now, here it is on an as-is basis. No disrespect to anyone, but I have no intention of chasing my tail, adding features on account of random people's whims. Maybe someone will find this indicator useful in its present form, or may wish to modify it further themselves. Have fun!

[SteveHopwood]

Thanks for posting this. You can see that there is some interest. I am adding it to my wrup tonight.

for not promising to accede to every daft request. That way lies madness.

[biobier]

Hi,

for me this seem to have wrong rules for pin bars. Also it is marking on the open bar and not cleaning up if it does not get a pin bar, resulting in pin bars everywhere.
Why not using the already existing, most sophisticated and accurate pin bar detector?
https://www.earnforex.com/Empty4-in ... -Detector/

However I appreciate you give something back to the community

[The_Snowman]

I have been using 2 indicators on this multi-chart looking for Daily Pin Bars.

This will add an extra layer of confirmation; I really like the fact that the color fills the candle.

Of course, fitting in with the price action is key to the trading process.

Thanks for sharing

2022-11-28_19-37-20.jpg

[youcrazykids]

Hi,

for me this seem to have wrong rules for pin bars.

My interpretation is that the long wick must exceed x% of the entire candle body (set at 70% in the indi), and I don't believe that the definition should be any more complex than that. EarnForex are not the ultimate authority on what constitutes a pin bar. If their pin bar strategy was a winner, I would gladly defer to them. But it ain't, quelle surprise. However, if anyone wishes to use their indicator, go right ahead, free world and all that.

Good spot on the "repeat painting" issue. I never went down to the lower TFs. The cause was in the For... loop and is (hopefully) corrected in post 1. I am no indi expert. It's a miracle that it displayed anything at all, such are Empty4's indicator conventions. Ultimately, I wrote a simple indicator which met my needs, and it seemed to do the trick.

[SteveHopwood]

I am no indi expert. It's a miracle that it displayed anything at all, such are Empty4's indicator conventions.

I know how you feel.

[iCoinz]

Hi, very interesting indicator. And it might be an inch away from what caught my interest.


I noticed that Heikin Ashi bars show an interesting picture for spotting trend reversals/corrections in the market when you take a closer look at the length of a wick from end of the body to end of the wick.

My observation was as follows:

The longer the wick, the more likely the market wants to reverse - especially on Heikin Ashi candles. On normal candlesticks sometimes it is not obvious since candlesticks formations play a bigger role and in case of engulfing candles you do not have wicks at all but a reversal. Heikin Ashi always shows wicks when reversing, no exception.

In combination with a reversal strategy the indicator could play a significant role.

Interesting for me is:

1. Measure the average Piplength of the past Heikin Ashi Candles from end of body to end of wick
2. Let's assume the average pipcount from end of body to end of wick is 10 pips
3. The indicator forms a green dot (just like the well knows 3LVL indicator) when pipcount will be > 10 pips
4. The indicator forms a yellow dot when pipcount will be > 15 pips
5. Indicator forms a red dot when pipcount will be > 20 pips