Pin Bars

free

Pin Bars

Indicators Yury Emeliyanov Version: 1.0
Main purpose: “Pin Bars” is designed to automatically detect pin bars on financial market charts. A pin bar is a candle with a characteristic body and a long tail, which can signal a trend reversal or correction.

How it works: The indicator analyzes each candle on the chart, determining the size of the body, tail and nose of the candle. When a pin bar corresponding to predefined parameters is detected, the indicator marks it on the chart with an up or down arrow, depending on the direction of the pin bar (bullish or bearish).

Parameters:
TailToBodyRatio – defines the minimum ratio between the length of the tail and the body size of the pin bar.
NoseToTailRatio – sets the maximum allowable ratio between the “nose” and the tail of the pin bar.
ArrowSize – defines the distance between the marked pin bar and the arrow pointing to it on the chart.
Application: “Pin Bars” indicator can be used to identify potential trend reversal points and generate signals to enter the market or close positions. When used correctly and combined with other technical indicators and analysis methods, the indicator is able to improve trading results.

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Important:
The indicator is not a ready-made trading system and should be used in combination with other analysis tools.
It is recommended to test and optimize the parameters of the indicator on historical data before using it on a real account.
Conclusion: “Pin Bars” indicator is a convenient and easy–to-use tool for identifying pin bars on charts. It can be a useful addition to your trading strategy, helping to identify potential trend reversals and improving trading results.