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vStore   VTL Plugins Commercial Pinbar Detector Pro

Pinbar Detector Pro

Pinbar Detector Pro is a client side VTL indicator to detect Pinbars and marks them by placing up arrow below bullish Pinbar and down arrow above bearish Pinbar. It triggers an alert when a Pinbar is formed in chart. The Pinbar formation is a price action reversal pattern that shows that a certain level or price point in the market was rejected. The Pinbar is a bar with a long upper or lower “tail” and a much smaller “body”. The image below shows the Pinbar anatomy for Bullish and Bearish Pinbars.

Pinbar setups usually include three adjacent bars. The Pinbar and its right and left eye. See the image below.

Pinbar Detector Pro uses a customizable Pinbar detection algorithm. The Left eye direction, Pinbar nose to body ratio etc. can be set in the parameters. Attach the indicator from Navigator to chart by right clicking the indicator. The indicator asks for input parameter values. The default values for each parameter is displayed in the text box. You can keep the default value or enter a new value and click “Ok”. If “Cancel” is clicked, the indicator will use default values.

Parameters

  • Show Alerts – “True” will show alerts and “False” will disable alerts.
  • Use Custom settings for Pinbar – “False” will use default settings. “True” will pop up additional parameters for Pinbar detection
  • Maximum Body length to candle length ratio of Nose Bar
  • Body position in Nose bar – This decides body location in top or bottom portion of the candle as a percentage of the candle length.
  • Left eye direction – True = Direction of left eye bar should be opposite to Pinbar. Bearish eye bar for bullish Pinbar pattern
  • Nose direction – True = Direction of nose bar should be the same as that of Pinbar. Bullish nose bar for bullish Pinbar pattern
  • Minimum body candle ratio for left eye bar
  • Minimum protrusion od nose compared to nose bar length
  • Maximum relative size of the Nose bar body to left eye bar body
  • Minimum relative size of the nose bar length to left eye bar length
  • Minimum relative depth of the left eye to its length

Pinbars can be traded with different entry methods. Wait for the Pinbar to complete. Open trade at the start of next bar with a market order. Another method is opening trade on a 50% retrace of the PinBar. In this method, trader waits for the price to retrace to the midpoint of the entire Pinbar’s range. More conservative approach is to place a stoploss buy order above the high of the Bullish Pinbar and stoploss sell order below the low the Bearish Pinbar.

Traders can use their discretion in opening trades with the Pinbar. One of the best methods is to trade Pinbars formed in the direction of trend.  This can be considered as trend continuation trades. Reversal trades can be opened when the Pinbar is formed at important resistance or support levels. See the chart attached. Placing the stoploss for the trade at the opposite end of the pin bar is good.


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28 July 2016
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