PinBar - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources

This indicator detects and visualizes one of the fundamental patterns of price action. On high time frames (from 1 day to a month), a pin bar is a strong signal to enter the market in the opposite direction of the long shadow. The indicator is calculated only on complete bars.

The input parameters are:

 Enter integer minimum bar size = 200 ; //minimum bar range (in points)
Enter integer Price offset = 50 ; //Movement of open price and stop loss from the bar border (in points)
Enter double bar ratio = 2.2 ; //minimum ratio of bar range to body
Enter double tail ratio = 1.3 ; //minimum ratio of larger tail to rest of bar
Input boolean usebodyorientation = false ; // Flag used to check the body orientation of the bar. Bearish pin bar - bearish real body, bullish pin bar - bullish real body
Input boolean use closed third = true ; //Flag for checking closed bar part. For bearish bars - the lower third of the bar, // for bullish bars - the upper one
Input integer extreme value bar = 10 ; // Check for extreme positions of pin bars relative to a specified number of previous bars 

Attachment download

📎 pinbar.mq5 (7.03 KB)

Source: MQL5 #1768