Bollinger Band Pinbar Indicator

Jdh320 · 2023-01-08T10:36:55+00:00

Hello PRT Coders, Happy New Year. I hope you all enjoyed the festive break. Does anyone know if it is possible to code an indicator that draws an arrow above/below a sell/buy condition. The condition would be if price opens inside the bollinger band breaks outside of it and returns to close back in the band forming a pinbar? Please see attached photo (as I am sure I havn’t explained it well!!) Regards Joe

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01/08/2023 at 11:36 AM #207031 quote

Jdh320
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Hello PRT Coders, Happy New Year. I hope you all enjoyed the festive break. Does anyone know if it is possible to code an indicator that draws an arrow above/below a sell/buy condition. The condition would be if price opens inside the bollinger band breaks outside of it and returns to close back in the band forming a pinbar? Please see attached photo (as I am sure I havn’t explained it well!!) Regards Joe

01/08/2023 at 11:58 AM #207032 quote

JS
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Master

Hé Joe, no attached photo…

01/08/2023 at 12:01 PM #207033 quote

Jdh320
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New

Apologies here is the chart image. https://www.tradingview.com/x/RpzCXH2T/

01/08/2023 at 12:01 PM #207034 quote

Jdh320
Participant

New

Apologies, here is the link to the chart image. https://www.tradingview.com/x/RpzCXH2T/

01/08/2023 at 12:14 PM #207035 quote

JS
Participant

Master

Hi Joe,

That is possible…

Probably a bullish pinbar (BBUp) and a bearish pinbar (BBDown)…

01/08/2023 at 12:18 PM #207041 quote

Jdh320
Participant

New

Thanks. Do you know anyone who would be able to code it as I have zero coding skill 😂😂 Joe

01/08/2023 at 12:22 PM #207045 quote

JS
Participant

Master

I will code it for you… 😉

01/08/2023 at 12:23 PM #207046 quote

Jdh320
Participant

New

Oh nice one, thanks so much!

01/08/2023 at 12:32 PM #207047 quote
JS
Participant

Master
Hi Joe,

Here is the indicator…
```
If Open<BollingerUp[20](close) and High>BollingerUp[20](Close) and Close<BollingerUp[20](Close) and Close>Open then //Bullish PinBar
DrawArrowDown(BarIndex,High+20*pipsize) coloured("Red")
EndIf

If Open>BollingerDown[20](close) and Low<BollingerDown[20](Close) and Close>BollingerDown[20](Close) and Close<Open then //Bearish PinBar
DrawArrowUp(BarIndex,Low-20*pipsize) Coloured("Green")
EndIf
Return
```
Schermafbeelding-2023-01-08-om-12.29.07.png
01/08/2023 at 12:35 PM #207049 quote

Jdh320
Participant

New

Thanks JS. That’s great. ATB Joe
JS thanked this post

01/08/2023 at 12:43 PM #207050 quote

Jdh320
Participant

New

Hi JS I have had a little look and I think the code is almost right, I have attached a screenshot and annotated arrows where I would have expected them. so the candle opens inside the BB breaks outside and closes back inside. It can be both a bullish or a bearish pinbar in each scenario with a body height of I guess about 15% or less of the candle high minus low.
C733552C-F4FD-4668-97EB-B0D18E42EAFD.jpeg

01/08/2023 at 3:40 PM #207058 quote
JS
Participant

Master
Hi @jdh320,

Hereby the adjusted indicator with both bullish and bearish pinbar breakthroughs…

You can set the percentage of the body yourself (now stands at 30%) …
```
If Open<BollingerUp[20](close) and High>BollingerUp[20](Close) and Close<BollingerUp[20](Close) and abs(Close-Open)<=0.30*(High-Low) then //Bullish PinBar
DrawArrowDown(BarIndex,High+20*pipsize) coloured("Red")
EndIf

If Open>BollingerDown[20](close) and Low<BollingerDown[20](Close) and Close>BollingerDown[20](Close) and abs(Close-Open)<=0.30*(High-Low) then //Bearish PinBar
DrawArrowUp(BarIndex,Low-20*pipsize) Coloured("Green")
EndIf
Return
```
Schermafbeelding-2023-01-08-om-15.40.34.png
01/08/2023 at 4:43 PM #207066 quote

robertogozzi
Moderator

Legend

@Jdh320 Please do not embed pictures and files in your post, as it slows down the loading of pages. To attach them use the “Select File” button, instead. Thank you 🙂

01/08/2023 at 5:14 PM #207079 quote

Jdh320
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New

Thanks so much, thats perfect. Regards Joe
JS thanked this post

01/08/2023 at 5:14 PM #207081 quote

Jdh320
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New

apologies @robertogozzi regards joe
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