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 abnormal pin bar settings. The indicator will highlight abnormal pin bars according to the settings you specified. The indicator uses the following three factors to indicate abnormal pin bar: - Minimum body ratio in the pattern in percent - Minimum ratio of the long shadow to the body - Minimum ratio of the long shadow to the short shadow
Also, there is a volume strength check to confirm the pin bar. If the volume where the pin bar is formed is greater than the 20 volume average, it indicates that the pin bar is more important. Of course, confirming the pin bar with the volume is optional and you can disable it in settings if you wish.
You can use the highlights of this indicator as an entry signal if the pin bar appears at the trend key levels or in support or resistance zones.
Versionshinweise
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Changes: - Title updated - Alert conditions added
Versionshinweise
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Add option to confirm pin bar by checking if the volume of the pin bar candle is bigger than the previous volume.
Thanks for this! Can you tell me what the different colors represent? Particularly the tan/orange color that doesn't appear to coincide with any up or down arrows.
bhnmzm
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@TK42DAN, if the pinbar also is confirmed by volume the color would be green. you can find the details in indicator settings.
avisofficepro
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GREAT TOOL , i was wandering if we Can Change the Size of Icon ( indigating the exact bar 📐)
v.anhhai
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Thanks. Love your pinbars, can we have option that bullish pinbar is green and bearish pinbar is red?
bhnmzm
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@v.anhhai, glad you liked it. We have that in indicator options already.