Pin bar indicator

bfd said:
Hi all,

Does anyone know of a script which will give a signal when a pinbar is formed on your specified time range?

Thanks alot.
Click to expand...

For the benefit of the OP.

A Hanging Man is a Hammer and a Hammer is a Hanging Man, depending on direction of the trailing trend.

The Pinbar is what I call: Leading Trajectory Specific. It is not dependent on direction of trailing trend. Typically, the longer the Tail and the smaller the Body (provided the body closes opposite the tail), the more pronounced the price action after the Pinbar. But, of course, this is all academic and rather conventional.

However, the concept of the Pinbar can be taken to another level that is somewhat outside the box.

I have called it: Evolving Pinbar. The concept is straight forward and coding it, depending on which platform you use, should not be that difficult. It goes like this. Assume that your primary trading bar is the 5 minute interval and that you classify yourself as a scalper. You sit, wait, twiddling your thumbs and ponder the arrival of the next Pinbar, but alas, none show up. You then head over to the refrigerator to grab a Coke and decide that you need to go out and check the mail while you're at it, well, because no Pinbars have presented themselves in the last hour anyway. Upon arriving back from dumping your Publisher Clearing House junk mail and sipping on your Coke, you can't believe your eyes - a Pinbar! You check the price, click over to your trading platform but realize in short order that, well, the train has already left the station and being a scalper, you have no more room left under the move (assuming it was Long) to protect your typical stop loss. So, alas, you wait for yet another Pinbar to arrive.

Well, this is where the Evolving Pinbar concept enters the room.

Your last Pinbar was say, 1005hrs GMT. You are on the 10 minute chart. However, why not switch to the 20 minute chart. You say, but I don't have a 20 minute chart. Well, you do as soon as you combine two consecutive 10 minute bars - alas, a 20 minute candle appears right before your eyes and oh, wait a minute, it looks like if forms a Pinbar, too.

By simply thinking slightly outside the box, you can allow the Pinbar to Evolve from minute to minute. You can ultimately end up trading 11 minute Pinbars, 17 minute Pinbars, 25 minute Pinbars, the choice is yours and there are two significant advantages: a) You get exposure to more Pinbar formations per day and b) With each consecutive Pinbar formation in a higher time-interval, you have a better likelihood that the opposite Tail will be longer and thus the subsequent move opposing the Tail will be stronger. (not always, but the more opportunity the better).

So, with just a small degree of outside the box thinking, you can turn a signal with lower availability, into a signal with not only higher availability, but with greater earnings potential as well (in the aggregate).

I'm Number 7 and that's my Evolving Pinbar contribution to this thread. :sneaky:

TradeSMART. Manage the position. :smart:
 
Da.DesiTrader said:
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.
Click to expand...

Now, have him code the Evolving Pinbar!

TradeSMART. Manage the position. :smart:
 
Da.DesiTrader said:
I wish I had such superior coding skills :)

BTw, do you trade pinbars as your primary method?
Click to expand...


No, but if I did, there were several rather interesting formations of what I call the Evolving Pinbar on the 4 hour bar last week, that lead to several very nice runs for me. My system has over 750 inputs and Pinbars is not one of them, but I did come across during my research.

If all I did was hyper-short-term work, then I'd load up multiple charts and go pinbar hunting from time to time. Nothing wrong with them if you catch them correctly and use the correct time-frame.


TradeSMART, by Managing your Positions. :smart:
 
TraderNumber7 said:
No, but if I did, there were several rather interesting formations of what I call the Evolving Pinbar on the 4 hour bar last week, that lead to several very nice runs for me. My system has over 750 inputs and Pinbars is not one of them, but I did come across during my research.

If all I did was hyper-short-term work, then I'd load up multiple charts and go pinbar hunting from time to time. Nothing wrong with them if you catch them correctly and use the correct time-frame.


TradeSMART, by Managing your Positions. :smart:
Click to expand...

This guy's the king of candle melding. I've been doing it for quite some time myself. only 2 or three candles though and large TFs.
 
I've written a pin bar screener on prorealtime if anyones interested let me know happy to share it
cheers
Wig
 
Hi Wig

Im interested in testing out your pinbar detection on ProRealTime if your interested in sharing. Does it have variables to control the style of pin? Does it check weekly charts? Im interested in scanning weekly charts for pins to see if they are tradeable off S&R and PPZs like I have learnt on FX. ProRealTime appeals as it seems to be free and allows scanning of UK and US exchanges even with custom code and weekly scans. Most other sites seem to have a restriction somewhere. I will of course be testing this out using their papertrade facility before considering live trades ;)

Wiz
 
Hi Wizard - it's pretty reliable yes you can change the variables ie length of pin nose as proportion of range, % within previous days range etc. yes it works on weekly too

Not sure how best to share it though, can pm or email it let me know
cheers
Wig
 
MrGecko said:
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.
Click to expand...

Excellent post. (y)(y)(y)
 
Da.DesiTrader said:
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.
Click to expand...

Hi

Can you please post the corrected code for this pinbar indicator system for Prorealtime, as I still cannot get it to work.

Regards
Martin
 
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