This Script plots Two important Price Action Signals
1) Pinbars (Body of Candle should be Above 40.5% of Range for Bullish Pinbars AND Below 40.5% of entire Range to make a Bearish Candle)
2) Inside Bars (Upto 4 Inside Bars)
This Indicator only evaluates up to last 20 candles as more indicators clutter the chart
In Future Versions, I shall add more patterns.
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This indicator is everything you need to do Price Action Trading.
It provides signals about:
Inside Bars
Pin Bars
Fakey Pin Bars (background color red or green for bearish or bullish fakeys)
Description:
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This indicator plots MAs and paints Triggered Alert Arrows base on Flying Buddha candle patterns.
The “Flying Buddha” Pattern is defined as:
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A candlestick chart with two moving averages: the 5 period exponential moving average (fast EMA) and the 10 period simple moving average (slow SMA),...
This study draws a trend line for the last two Bill Williams up-fractals and down-fractals.
Trend line break signals and alerts can optionally be added.
Pin Bar is one of the most important candlestick patterns. Almost every time you see a pin bar, you can expect the price to turn in the opposite direction.
You should pay more attention to the abnormal ones among the pin bars. What I mean by abnormal pin bar is that the long leg is at least 3 times larger than the body.
With this indicator, you can set your own...
My first script to identify pin bars with a predefined rules, any feedbacks are welcome.
Rules
Bullish Candle
1. Body of the candle should be above the 50% of the day's price range
AND
2. Either the open or the close should be above the 30% of the day's price range
if both the above conditions are met then a bullish arrow is produced with "B".
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This indicator allows you to filter noisy pin bar chart, with pin bars which have been rejected from dynamic support/resistance level also named as 21 Moving Average.
I would consider to work only on higher time frames like 1H and higher, so you really can find only best entries.
Have fun, write your feedback in the comments section:)
P.S This is the first...
Abstract
This script computes the strength of pin bars.
This script uses the corrent and the previous two bars to compute the strength of pin bars.
The strength of pin bars can be also comared with average true range, so we can evaluate those pin bars are strong or weak.
Introduction
Pin bar is a popular price action trading strategy.
It is based on quick price...
