K
kenobi
you are probably better off going to your corner shop and purchasing a lucky dip........ :cheesy:
HaloTrader
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Be pointless... You need to look at the chart you lazy bum
Trader333
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Hammers are not the same as Pinbars. Also in my view there is benefit from being alerted to a pinbar formation as they do not occur that often. Once alerted you can then see if it has formed as part of a confluence of other price action factors that then maybe is a good setup for a trade.
Paul
Paul
KillPhil08
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All credit to this script goes to ragstoriches, so rep him. This works on IG advanced charts. Probably some others too.
Pinbar indicator called "Pinbar ID"
value = 0
clong1 = low < low[1] and low<low[2]
clong2 = close >= low[1]-1 and open >= low[1]-1
clong3 = abs(open - close) < 4*range/10
clong4 = open > (low + range*5/10) and close > (low + range*5/10)
//clong5 = range > average[100](averagetruerange[14](close))*1.2
//clong6 = SMI[14,3,5](close)<35
cshort1 = high > high[1] and high > high[2]
cshort2 = close <= high[1]+1 and open <= high[1]+1
cshort3 = abs(open - close) < 4*range/10
cshort4 = open < (high - range*5/10) and close < (high - range*5/10)
//cshort5 = range > average[100](averagetruerange[14](close))*1.2
//cshort6 = SMI[14,3,5](close)> -35
if clong1 and clong2 and clong3 and clong4 then
value = 10
elsif cshort1 and cshort2 and cshort3 and cshort4 then
value = -10
endif
return value
pinbar scanner current bar
myPinbarID = CALL "Pinbar ID"
screener[abs(myPinbarID) > 0](close AS "Price")
pinbar scanner previous bar
myPinbarID = CALL "Pinbar ID"
screener[abs(myPinbarID[1]) > 0](close AS "Price")
Pinbar indicator called "Pinbar ID"
value = 0
clong1 = low < low[1] and low<low[2]
clong2 = close >= low[1]-1 and open >= low[1]-1
clong3 = abs(open - close) < 4*range/10
clong4 = open > (low + range*5/10) and close > (low + range*5/10)
//clong5 = range > average[100](averagetruerange[14](close))*1.2
//clong6 = SMI[14,3,5](close)<35
cshort1 = high > high[1] and high > high[2]
cshort2 = close <= high[1]+1 and open <= high[1]+1
cshort3 = abs(open - close) < 4*range/10
cshort4 = open < (high - range*5/10) and close < (high - range*5/10)
//cshort5 = range > average[100](averagetruerange[14](close))*1.2
//cshort6 = SMI[14,3,5](close)> -35
if clong1 and clong2 and clong3 and clong4 then
value = 10
elsif cshort1 and cshort2 and cshort3 and cshort4 then
value = -10
endif
return value
pinbar scanner current bar
myPinbarID = CALL "Pinbar ID"
screener[abs(myPinbarID) > 0](close AS "Price")
pinbar scanner previous bar
myPinbarID = CALL "Pinbar ID"
screener[abs(myPinbarID[1]) > 0](close AS "Price")
MrMiyagi
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What's the equivalent? Doji?
elitejets
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Pin bars are a specific kind of hammer or shooting star.
Not all hammers and shooting stars are pin bars, the criteria for pin bars is stricter.
rags2riches
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Pinbars by themselves are utterly meaningless. Time is much better spent looking for interesting levels and confluence and price action as TD has stated again and again.
megamuel
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bfd,
Try this:
http://www.trade2win.com/boards/free-systems/27680-mt-4-free-source-code.html#post380281
I came accross it the other day. Many thanks to Trendie.
Sam.
Try this:
http://www.trade2win.com/boards/free-systems/27680-mt-4-free-source-code.html#post380281
I came accross it the other day. Many thanks to Trendie.
Sam.
Thanks for the links.
It would be great to have a pin bar alert script that recognized the trendlines that you draw on your charts and only alerted you when a pin bar hit one of these, or within a few pips.
Pinbars by themselves are utterly meaningless. Time is much better spent looking for interesting levels and confluence and price action as TD has stated again and again.
It would be great to have a pin bar alert script that recognized the trendlines that you draw on your charts and only alerted you when a pin bar hit one of these, or within a few pips.
MrMiyagi
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Sorry OP, bit off topic...
MrG, are you coming from the short term angle on this? I can see what you mean if so.. I've personally found, as an EOD type / daily timeframe trader, automated pattern searches invaluable.
An example. I keep at most times a portfolio of simple bullish / bearish / neutral option strats on various markets. Every few days or so, I run the pattern screener to broadly look for markets that are turning, slowing, accelerating etc. I spend a little more time with the markets that interest me, getting into the hourly data, seeing how fast or slow they've been moving, check my smiles, skews, volume and whatnot. digging the dirt essentially.. and trade accordingly. I don't search the universe, just a few exchanges.
I'm not 'monogamous' in what I trade, so it saves me a lot of time, time better spent doing what I love most, kicking back and fanning my balls.
Not really coming from any angle TBH; I don't doubt that using some screening will help cut down the time spent looking for potential trades - absolutely not... rather my point was that the trade isn't a trade because of the pin bar (and so going into the minitae of what qualifies is a fruitless task, to an extent at least). The trade is there because there is a changing appetite for the asset; that is why the pin bar is there, it just happened to catch the phenomena.
A trade is a trade because you are making a judgement on the markets' appetite for the asset (Causation) [and in the case of pin bars, when there is a paradigm change from High demand -> Low demand, or vice versa], not because there was a specified candlestick (Correlation). This is what I'm getting at.
MrMiyagi
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We're on the same page here, nice explanation... All these formations and patterns should be viewed simply as indications of buying / selling pressure...
Absolutely recommend Nison, it's the seminal candlestick text.
On a similar footing, "Mind Over Markets" is the benchmark for Market Profile techniques for futures trading, which while less common (particularly here on T2W), share precisely the same principals as Nison and his Candlesticks. It's not quite something you can read on your hols, but well worth it IMO.
Herd behaviour, Auction theory, Price discovery, trade facilitation... - these are the grounds for technical trading, Pin bars etc are just the footprints.
Amazon.com: Mind over Markets: Power Trading With Market Generated Information: James F. Dalton, Eric T. Jones, Robert Bevan Dalton: Books
Note: You probably won't get the best from the Dalton book if you don't have access to Market Profile charting
On a similar footing, "Mind Over Markets" is the benchmark for Market Profile techniques for futures trading, which while less common (particularly here on T2W), share precisely the same principals as Nison and his Candlesticks. It's not quite something you can read on your hols, but well worth it IMO.
Herd behaviour, Auction theory, Price discovery, trade facilitation... - these are the grounds for technical trading, Pin bars etc are just the footprints.
Amazon.com: Mind over Markets: Power Trading With Market Generated Information: James F. Dalton, Eric T. Jones, Robert Bevan Dalton: Books
Note: You probably won't get the best from the Dalton book if you don't have access to Market Profile charting
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counter_violent
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Just let me google that for you
http://www.google.co.uk/search?hl=e...m+indicator&btnG=Google+Search&meta=&aq=f&oq=
Da.DesiTrader
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Didnt work at start, but finally got the hang of it. Works brilliantly. Just found a pin bar on GBP/CAD confluence with resistance. Playing a bracket order for reversal and continuation on demo, let's see.
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