Pin Bar Indicator

• 05/29/2016 at 1:09 AM #8300
  MG8418

  Hi,

  I am trying to build a indicator that will identify bullish and bearish pin bars with a certain size of nose and wick. I use the formula below on Excel to manually give me the figures, but would like to see if a indicator would identify these pin bars and highlight these with wicks over 0.40 and noses below 0.20

  The formula I use on Excel is below:

  Bearish Pin bar Wick: high – close or open / high – low

  Bearish Pin bar nose: close or open – low / high – low

  If anyone could help with this, it would be greatly appreciated?

  Thanks

  Derek

  

  MG8418

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  05/29/2016 at 7:18 PM #8329
  Nicolas

  Hi Derek, I remember have coded something like this for the DRAWTEXT documentation, here: http://www.prorealcode.com/documentation/drawtext/

  (the second example), but only for the bearish pinbar.

  

  Nicolas

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  05/30/2016 at 9:57 AM #8351
  Fabio

  Hi Nicolas, just a quick question, example #2 (http://www.prorealcode.com/documentation/drawtext/)  doesn’t work, apparently the system doesn’t recognize the text in quotation mark, how can i change this information?

  many thanks!

  Fabio

  

  Fabio

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  05/30/2016 at 10:39 AM #8352
  Nicolas

  Because DRAWTEXT instruction is only available for the Prorealtime version 10.3

  I just came across a good Pinbar code on the web:

  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) 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) 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

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  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) 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)   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

  It returns the bullish and bearish ones. Maybe someone can add it to the library or I’ll add it later. Thanks.

   

  

  Nicolas

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  05/30/2016 at 11:16 AM #8356
  Fabio

  thank you so much! Great job as usual!

  Fab

  

  Fabio

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  05/30/2016 at 5:40 PM #8398
  MG8418

  Hi Nicolas,

  Thank you for your reply and I am still using 10.2 so the drawtext option does not work for me.  Regarding the second example, this does show the pin bars, but it also misses the pin bars that fall within my criteria which is a nose less than 0.20 and a wick that is greater than 0.40. when I use the formula within Excel in my first post, I try and identify these pin bars manually.  Do you know if a indicator would be able to identify a bullish or bearish pin bar that would fall into this criteria regardless of the colour of the bar?

  Thanks for your help.

  Derek.

  

  MG8418

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  05/31/2016 at 1:00 PM #8529
  MG8418

  Hi,

  The pin bar indicator now works and only shows pin bars that fit a certain criteria. I have only one problem is that the indicator will show these pin bars as the candle is forming and I would prefer the indicator to only show the pin bar once the candle has closed, so that it removes the false signals within the selected timeframe.

  Can the indicator do this or would it have to be the screener that filters this?

  If anyone can help please?

  Thanks

  Derek

  

  MG8418

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