Metatrader4: “Pin Bar Alerts” Indicator
|Pin Bar Indicator in action|
You can configure all the settings including:
- What proportion of the bar should be made up of the wick
- How big or small the total size of the Pin Bar has to be
- Optionally whether the Pin Bar has to be making a new extreme (e.g. new high for a bearish Pin Bar or new low for a bullish Pin Bar).
- What symbol (if any) is plotted to highlight a Pin Bar
- How far beyond the bar it is plotted
- What alerts to receive out of pop-up desktop, e-mail and push notification to your phone
DoAlert: if set to true a desktop pop-up alert will appear from your MetaTrader terminal whenever an Inside Bar forms
DoNotification: if set to true then a push notification message will appear on your MetaTrader smart phone app
DoEmail: if set to true then an e-mail will be sent to your e-mail address with the alert information in
MinimumTailSize: this is the fraction of the total range of the bar that the long wick has to be
MinRangePnts: this is the smallest size the total range of the Pin Bar can be still to qualify.
MaxRangePnts: this is the largest size the total range of the Pin Bar can be still to qualify.
NB if running this indicator on a large timeframe please ensure that you’ve set the MaxRangePnts input to a sufficiently large value so that your Pin Bars will still plot
RequireNBarExtreme: if set to true then for a bullish Pin Bar the low of the bar must be the lowest of the last N bars (where N is set by the NBarExtreme parameter) & v.v. for a bearish Pin Bar.
NBarExtreme: if RequireNBarExtreme is set to true then this specifies how many bars to look back to see if the Pin Bar is at an extreme
MarkPinBarOnChart: if set to true then it will mark all historic and current Pin Bars on the chart
PlotAboveBar: if set to true then the symbol for marking the Inside Bars will appear above the chart; if false then it will appear below the chart
BullPinBarSymbol: this is the Wingdings symbol code that will be used to mark a bull Pin Bar. You can choose from any of the Wingdings codes (see the chart below)
BearPinBarSymbol: this is the Wingdings symbol code that will be used to mark a bear Pin Bar. You can choose from any of the Wingdings codes (see the chart below)
PlotOffsetPnts: this is the offset in points (the minimum Metatrader price fluctuation) from the high or the low of the bar where the symbol will be plotted. The bigger the number here the further beyond the bar the symbol will be plotted. If you find that your plots are overlapping the bar then you need to increase this number