Pin Bar Detector – (Amibroker Indicator) is pin bar pattern detection system inspired for Earnforex – Pin Bar Detecor mql4 code. Pin Bar is a bar with a long upper or lower “tail”, “wick” or “shadow” and a much smaller “body” or “real body”, you can find pin bars on any plain candlestick chart. The Pinbar (also known as “Pin-bar” or “Pin bar”) pattern was first introduced by Martin Pring in his Pring on Price Patterns.
It is a pure price action based indicator and in this indicator marks the bullish pin bar and bearish pin bar on the charts and also one scan use the exploration to find out the pin bar patterns from the list of stocks.
Higher timeframes like Hourly, 4 hourly, Daily, Weekly timeframes
Bullish Reversal Pin Bar Formation
In a bullish pin bar reversal setup, the pin bar’s tail points down because it shows rejection of lower prices or a level of support. This setup very often leads to a rise in price.
Bearish Reversal Pin Bar Formation
In a bearish pin bar reversal setup, the pin bar’s tail points up because it shows rejection of higher prices or a level of resistance. This setup very often leads to a drop in price.
Input Parameters for Pin Bar
MaxNoseBodySize (default = 0.33) — maximum allowed body/length ratio for the Nose bar.
NoseBodyPosition (default = 0.4) — Nose body should be position in top (bottom for bearish pattern) part of the Nose bar.
LeftEyeOppositeDirection (default = true) — tells the indicator that the Left Eye bar should be bearish for bullish Pinbar, and bullish for bearish Pinbar.
NoseSameDirection (default = true) — tells the indicator that the Nose bar should be of the same direction as the pattern itself.
NoseBodyInsideLeftEyeBody (default = false) — tells the indicator that the Nose body should be inside the Left Eye body.
LeftEyeMinBodySize (default = 0.1) — minimum size of the Left Eye body relative to the bar length.
NoseProtruding (default = 0.5) — minimum protrusion of the Nose bar relative to the bar length.
NoseBodyToLeftEyeBody (default = 1) — maximum size of the Nose body relative to the Left eye body.
NoseLengthToLeftEyeLength (default = 0) — minimum Nose length relative to the Left Eye length.
LeftEyeDepth (default = 0.2) — minimum depth of the Left Eye relative to its length. Depth is length of the part of the bar behind the Nose.
Note : This strategy doesnt detects a perfect pin bar however some manual intervention is necessary to spot pin bar patterns accurately
Steps to Install Pin Bar Detector Afl Code
1)Download PIN BAR Detector afl code
2)Unzip Pin Bar Detector.zip to local folder
3)Copy PIN Bar Detector.afl file to \program files\amibroker\formula\basic folder
5)Open Amibroker and Open a New Blank Chart
6)Goto Charts->Basic Charts and apply/drag-and-drop the Pin Bar detector code into the blank chart
7)Bingo you are done. Now you will be able to see the Pin Bar Detector indicator with Buy and Sell signals.