The Pin Bar indicator is a pattern recognition indicator for Forex, Stocks, Indices, Futures, Commodities and Cryptos.
The strategy that comes with the Pin Bar pattern is based on price action.
Inputs of the indicator are: MaxBars: maximum number of bars back to calculate searching for signals BuySignals (true/false): you can filter signals and decide to show BUY signals or not. Default settings is true (no filter). SellSignals (true/false): you can filter signals and decide to show SELL signals or not. Default settings is true (no filter).
Alerts: The alerts are managed by TradingView trading platform features and not by the indicator itself. You must use Pin Bar Sell less than zero and Pin Bar Buy greater than zero as settings for the alerts.
Example of BUY alerts settings : BUY example (see documentation in our website)
Example of SELL alerts settings : SELL example (see documentation in our website)
Beware that TradingView (at the time of this publication) limits the number of alerts you can receive according to the plan you subscribed with the platform. If receiving alerts is important for you then you should investigate carefully this aspect before purchasing the indicator.
Trading rules:
For BUY: wait for a bullish Pin Bar to print on a support zone after a down trend. Wait for the price to break high of the Pin Bar (5 pips above the high for H1 and higher timeframes, 1 pip for M5). Immediately enter in the trade once high is broken. You also can use a BUY STOP order placed 5 pips above the high of the candle (plus spread). Stop Loss should be placed below the low of the Pin Bar. If order is not triggered in the next candle, then a trade is invalidated and should be canceled.
For SELL: wait for a bearish Pin Bar to print on resistance zone after an up trend. Wait for the price to break the low of the Pin Bar (5 pips below the low for H1 and higher timeframes, 1 pip for M5). Immediately enter in the trade once low is broken. You also can use a SELL STOP order placed 5 pips below the low of the candle. Stop Loss should be placed above the high of the Pin Bar. If order is not triggered in the next candle then trade is invalidated and should be canceled.
The Pin Bar indicator can be used with any timeframe.
The Pin Bar indicator can be used with any class of asset: Forex, Stocks, Indices, Futures, Commodities and Cryptos.
For more information please visit our website (see signature below). We cannot provide you direct link nor update this indicator description due to TradingView house rules. We encourage you to visit our website for up to date information.
You can also contact me in private using TradingView messaging.