Pinbar Trading System

Enivid

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Nov 30, 2008
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www.earnforex.com
Thanks for inspiration! Now I am trying to create a separate Pinbar indicator. I don't like the one in PriceAction AHA 0_2v2.mq4. It's too bulky, lacks some features and there's a bug in bearish Pinbar set-up detection.
 

Easy Trader

Master Trader
Sep 17, 2011
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Yea the indicator is a bit tough, I felt like I gave away my good's when I saw it published:eek:
I think I have one or two more pin indicators somewhere on my PC they might be just fine or have a easier code to work with.
 
Last edited:

Easy Trader

Master Trader
Sep 17, 2011
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You use this indicator yourself? How reliable do you find it?

If i had to rate it i'd say 70%....it misses some bars and also signals some bars that don't close within the left eye making it un-valid...Once you get an eye for them they will jump out at ya. I use the indi mainly for the inside 4 bars which i'm horrible at spotting but I only demo them and plan on staying that way unless I make some head way with evolving a sound approach with them...
 

myknees

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Jun 26, 2013
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Here's some rules I made up for myself...

First two checks are basically the same in each case, the checks are:

• The Doji is “significant” in that it has a Candle length at least 75% of the current ATR(14)
• The Body (Open - Close or Close - Open (to get a positive value)) is insignificant – It is less than 20% of the Candle length

HighToLowValue = (High – Low)

Checks For Long

• HighToLowValue > (ATR(14) * 0.75)
• Positive Value Of (Open – Close) < (HighToLowValue * 0.2)
• Close >= High – (HighToLowValue * 0.25)
• Open >= High – (HighToLowValue * 0.25)

Checks For Short

• HighToLowValue > (ATR(14) * 0.75)
• Positive Value Of (Open – Close) < (HighToLowValue * 0.2)
• Close <= Low + (HighToLowValue * 0.25)
• Open <= Low + (HighToLowValue * 0.25)

I then prefer to use the strategy outlined here - http://forexuseful.com/learn-forex-trading/pin-bar-strategy

Quite new here to pin bars and welcome comment on how others are using them, I prefer the daily and weekly time frames only as it seems on the lower timeframes the bars are mainly influenced by news and don't seem so profitable at present (I am not really making or losing any money at present).