Pin Bar MTF Alerts
The indicator recognizes the pin bars (pin bar) by a predetermined period and notifies you when new setups (warning in the terminal, the PUSH-messages on smartphones, emails to email).
In the current period, the schedule patterns are highlighted.
There is the possibility of selecting the pin bars in size and position of the vertex relative to previous bars.
This indicator will help you in the trade as described in Price Action, and additional settings allow to freely experiment with different variations of the pin bars outside the generally accepted definitions.
- Draw Mode – rendering display mode in the current timeframe (in the form of bars or candles).
- Pattern Name – the pattern name in notifications.
- Enable Alerts – enable / disable alerts in the terminal (alerts).
- Enable Email Notifications – enable / disable email notifications specified in the terminal settings.
- Enable Push Notifications – enable / disable notification on the mobile client MetaTrader, whose ID is specified in the terminal settings.
- Tail / RestPart Ratio – the desired ratio of the distance from the tip of the “tail” of the pin bar to a closing price of the distance from the opposite end of the pin bar to close.
- N prev bars of certain direction – reaching the required number of consecutive bars with “bull” in front of the bodies of “bearish” setup: and, similarly, the bars with “bear” bodies to “bullish” setup.
- Extremum of N previous bars – the number of previous bars against which the “tail” pin-bar must act.
- Max Volume of N previous bars – necessary number of previous bars with a smaller volume compared to the pin bar.
- Min Bar Size on MN1
- Min Bar Size on W1
- Min Bar Size on D1
- Min Bar Size on H12
- Min Bar Size on H8
- Min Bar Size on H6
- Min Bar Size on H4
- Min Bar Size on H3
- Min Bar Size on H2
- Min Bar Size on H1
- Min Bar Size on M30
- Min Bar Size on M20
- Min Bar Size on M15
- Min Bar Size on M12
- Min Bar Size on M10
- Min Bar Size on M6
- Min Bar Size on M5
- Min Bar Size on M4
- Min Bar Size on M3
- Min Bar Size on M2
- Min Bar Size on M1
Options Min Bar Size on MN1 – Min Bar Size on M1 determine a minimum required range of the bar (distance High-Low) for each timeframe. Bars with a smaller range are ignored. A negative value disables search patterns, and rendering the indicator at an appropriate timeframe. By default, the optimal values of the minimum range and the disabled search in the timeframes patterns less than an hour.
Signal pattern “Pin bar” is the breaking of its border opposite the “tail”. Stop-loss is placed over the tip of the “tail”. To improve the accuracy recommended trade signals only in the direction of the trend. This approach reduces the amount of signals, but significantly increases their reliability.
When you work with periods of less than one day it is recommended to put a stop loss at the nearest extremum or boundary of the trading range, in order to avoid false alarms.
The appearance of a pin bar is an indirect indication of the completion of the current trend of the wave.
Pin bars are divided into “bullish” and “bearish”. The criteria for their recognition are shown in the last screenshot.
Key features of “bull” pin-bar:
- (Close – Low) / (High – Close) > Tail / RestPart Ratio (Specified in the settings), i.e. “Lower tail” in Tail / RestPart Ratio times more than the rest.
- Open > (High – Low) / 2, i.e. opening price above the midpoint of the bar range.
The main features of the “bear” pin-bar:
- (High – Close) / (Close – Low) > Tail / RestPart Ratio (Specified in the settings), i.e. “Upper tail” in Tail / RestPart Ratio times more than the rest.
- Open < (High – Low) / 2, i.e. opening price is below the middle of the bar range.
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