Pin Bar System

[megamuel]

Hi everyone,

Thought I'd share my crude EA based on this strategy. I had it programmed up for me based on 2 indicators I already owned. Make sure you also load these indicators for the expert to work. Not sure how accurate those pivot points are and also it only has r1, r2, pivot, s1 and s2. No s3 or rs. Also, the pin bar indicator is not great. Like I said this is a very crude version, feel free to edit it.

The settings are:

Lots - Either enter here how many lots you want to trade or;

RiskPercentage - Enter here what % of account to risk per trade.

maxBars ToBreak - You can choose how many bars the pin is valid for, for example, if you set it to 3 and the pin has not been broken by the 3rd proceeding bar, the order will be cancelled. If price breaks the wrong side of the pin (i.e. where the stoploss would be) the trade/order will be cancelled/stopped out straight away.

RiskReward - I didn't have it programmed to target pivot lines line Pocrel does. Instead its a fixed R:R. Select your reward here. E.g 1, 1.5, 2 etc...

SessionTime - This is to enter the hours you want to trade. Ignore the date completely, just leave it how it is. The time depends on your broker. For example, if I want to trade 8-4:30 then I have to set it to trade 9:00 - 17:30 as Alpari UK is +1.

I hope it works ok. I've had a problem with indicators morphing into other indicators when sending them between me and the programmer. It's really strange. They normally work the same but the setting are from another indicator. The pinbar indicator should place red or green arrows above/below pins. Let me know if it is doing so.

Ok, so make sure you load the pinbar and pivot point indicators to your indicators folder and The_PinBarExpert to your experts folder. I know that sounds obvious but some people do struggle with this!

Finally, I paid for this to be programmed (albeit not much) and I'm giving it away for nothing so if you do use/test it. Please share your results/recommended settings.

Good luck,

Sam. :clover:

 

[DDI]

wish I had MT4...would be interested in the results..

 

[pocrel]

Morning all, line are on, oilngold showing correct gold and silver levels this morning livecharts slightly off so please input the levels from oilngold.com

lets hope we make some money this morning as i am working this afternoon

 

[Splitlink]

Looks like you have pin/pivot on the FT at 0830.

 

[pocrel]

Hi everyone,

Thought I'd share my crude EA based on this strategy. I had it programmed up for me based on 2 indicators I already owned. Make sure you also load these indicators for the expert to work. Not sure how accurate those pivot points are and also it only has r1, r2, pivot, s1 and s2. No s3 or rs. Also, the pin bar indicator is not great. Like I said this is a very crude version, feel free to edit it.

The settings are:

Lots - Either enter here how many lots you want to trade or;

RiskPercentage - Enter here what % of account to risk per trade.

maxBars ToBreak - You can choose how many bars the pin is valid for, for example, if you set it to 3 and the pin has not been broken by the 3rd proceeding bar, the order will be cancelled. If price breaks the wrong side of the pin (i.e. where the stoploss would be) the trade/order will be cancelled/stopped out straight away.

RiskReward - I didn't have it programmed to target pivot lines line Pocrel does. Instead its a fixed R:R. Select your reward here. E.g 1, 1.5, 2 etc...

SessionTime - This is to enter the hours you want to trade. Ignore the date completely, just leave it how it is. The time depends on your broker. For example, if I want to trade 8-4:30 then I have to set it to trade 9:00 - 17:30 as Alpari UK is +1.

I hope it works ok. I've had a problem with indicators morphing into other indicators when sending them between me and the programmer. It's really strange. They normally work the same but the setting are from another indicator. The pinbar indicator should place red or green arrows above/below pins. Let me know if it is doing so.

Ok, so make sure you load the pinbar and pivot point indicators to your indicators folder and The_PinBarExpert to your experts folder. I know that sounds obvious but some people do struggle with this!

Finally, I paid for this to be programmed (albeit not much) and I'm giving it away for nothing so if you do use/test it. Please share your results/recommended settings.

Good luck,

Sam. :clover:

thanks for the hard work Sam i am sure everyone appreciates it on here i certainly do and very kind of you to share it, i will try and have a look at it over the weekend or next week

thanks again

patrick👍

 

[pocrel]

Looks like you have pin/pivot on the FT at 0830.

hi splitlink not sure what your talking about? do you have a chart of it?

 

[Splitlink]

hi splitlink not sure what your talking about? do you have a chart of it?

You are quite right, I read the pivot line wrongly. I'll have to get my eyes tested. Sorry.

 

[MajorDutch]

Hi everyone,

Thought I'd share my crude EA based on this strategy. I had it programmed up for me based on 2 indicators I already owned. Make sure you also load these indicators for the expert to work. Not sure how accurate those pivot points are and also it only has r1, r2, pivot, s1 and s2. No s3 or rs. Also, the pin bar indicator is not great. Like I said this is a very crude version, feel free to edit it.

The settings are:

Lots - Either enter here how many lots you want to trade or;

RiskPercentage - Enter here what % of account to risk per trade.

maxBars ToBreak - You can choose how many bars the pin is valid for, for example, if you set it to 3 and the pin has not been broken by the 3rd proceeding bar, the order will be cancelled. If price breaks the wrong side of the pin (i.e. where the stoploss would be) the trade/order will be cancelled/stopped out straight away.

RiskReward - I didn't have it programmed to target pivot lines line Pocrel does. Instead its a fixed R:R. Select your reward here. E.g 1, 1.5, 2 etc...

SessionTime - This is to enter the hours you want to trade. Ignore the date completely, just leave it how it is. The time depends on your broker. For example, if I want to trade 8-4:30 then I have to set it to trade 9:00 - 17:30 as Alpari UK is +1.

I hope it works ok. I've had a problem with indicators morphing into other indicators when sending them between me and the programmer. It's really strange. They normally work the same but the setting are from another indicator. The pinbar indicator should place red or green arrows above/below pins. Let me know if it is doing so.

Ok, so make sure you load the pinbar and pivot point indicators to your indicators folder and The_PinBarExpert to your experts folder. I know that sounds obvious but some people do struggle with this!

Finally, I paid for this to be programmed (albeit not much) and I'm giving it away for nothing so if you do use/test it. Please share your results/recommended settings.

Good luck,

Sam. :clover:

very generous of you megamuel. I will do some testing and report back with my findings when I get some time.

 

[pocrel]

Alot going on but unfortunately without us, sitting here on my hands, how many people still sitting on there hands here? 🙂

 

[Howlinwolf]

Alot going on but unfortunately without us, sitting here on my hands, how many people still sitting on there hands here? 🙂

Yes sitting on hands too, no trades for me at all today so far. A valuable lesson in patience perhaps!

 

[pocrel]

well thats me done for the morning i have to get ready for work, off to vancouver so will be trading a little later in the morning tomorrow due to the 8 hour time difference

i hope that you get some setups in the afternoon

cheers

patrick

 

[geewcee]

No trades for me either, altho pin to go short forming on WTI Light Crude for those that trade it.

 

[pocrel]

No trades for me either, altho pin to go short forming on WTI Light Crude for those that trade it.

that just caught my eye

but i wont take it atr already reached today

here is the chart and check out the room down box

wti

 

[Mata Nui]

Alot going on but unfortunately without us, sitting here on my hands, how many people still sitting on there hands here? 🙂

I am looking at the EA. Initial testing not too good. A tiny loss over April/May on EUR/USD which i didnt expect. I am running it on a visual backtest now against a template to see what sort of trades it is opening. So far two things stand out. Firstly the pivot indicator gets screwed up on Mondays (because of the sunday open). Second the Pin Bar indicator is not that good. I looked at this indicator a while ago and discarded it as pretty useless. It tends to favour really short fat pins rather than the more obvious pin with a long nose and small body.

So far it seems to be taking trades off pins i wouldnt even consider and missing some really pin looking pins. I have a pivot indicator that i have modified for fx so it wont mess up on Mondays and a pin indicator that has more options about what to class as a pin or not. Over the weekend i will try to integrate them into the EA and do some more testing.

I do think that this EA is worth the effort of more testing.

 

[Mata Nui]

I should be testing it a bit better but initially it looks like a reward of 0.5 gives a good result. 78% hit rate. As i said, it definately has faults but even as it is, it is worth looking at in more detail. Really good work megamuel.

 

[MajorDutch]

I am looking at the EA. Initial testing not too good. A tiny loss over April/May on EUR/USD which i didnt expect. I am running it on a visual backtest now against a template to see what sort of trades it is opening. So far two things stand out. Firstly the pivot indicator gets screwed up on Mondays (because of the sunday open). Second the Pin Bar indicator is not that good. I looked at this indicator a while ago and discarded it as pretty useless. It tends to favour really short fat pins rather than the more obvious pin with a long nose and small body.

So far it seems to be taking trades off pins i wouldnt even consider and missing some really pin looking pins. I have a pivot indicator that i have modified for fx so it wont mess up on Mondays and a pin indicator that has more options about what to class as a pin or not. Over the weekend i will try to integrate them into the EA and do some more testing.

I do think that this EA is worth the effort of more testing.

I noticed the same problem ref - mondays. The pivot indicator uses the trading data from sunday nights to calculate the monday pivot which is clearly nonsense. This causes the pivot lines to be drawn in the wrong place and very close together giving a lot of false trading signals. I cant see a problem with the pin bar indicator in terms of the pin bars I like to take. Other problems I can see are that I dont think the EA makes an allowance for there being enough room to the next pivot for a 1:1 trade.

If this could be incorporated with an accurate pivot indicator then the backtest could be useful.

 

[bbmac]

MT4 pivots

The attached pivot indicator plots the daily and/or weekly and/or monthly pivots (choose which ones you need via inputs tab) and you can choose whether to include Sunday data or not via the inputs tab of the indicator properties.

G/L

 

[Howlinwolf]

Re: MT4 pivots

The attached pivot indicator plots the daily and/or weekly and/or monthly pivots (choose which ones you need via inputs tab) and you can choose whether to include Sunday data or not via the inputs tab of the indicator properties.

G/L

Works great bbmac. Thanks very much for that.

 

[megamuel]

I should be testing it a bit better but initially it looks like a reward of 0.5 gives a good result. 78% hit rate. As i said, it definately has faults but even as it is, it is worth looking at in more detail. Really good work megamuel.

No problem, glad you've had a look and made some constructive criticism. I'm not brilliant at this sort of thing so its good to have some help. If we all work on it and test it together we might be able to make something good.

By the way, this is a back test from EUR/USD with 1:1 R:R and max 2 bars to break. Looks ok..

Sam.

 

[DDI]

3 trades I've seen today. 2 lovely wins in wti (same pocrel pointed out) and dax. A loser in eurjpy - I tell you when it comes to filtering it may be a good idea to omit pins that are preceded by a massive bar in the opposite direction (like this eurjpy). Patrick would know better as he is more experienced in this but in my relatively short time I've seen a good few of those going pearshaped.