Advanced Pin Bar Detector

Efficient and non-repainting Pin Bars pattern detector indicator with the following abilities. I called it efficient as I personally tried each pin bar detector (available online) when developing an Expert Advisor for a client but no pin bar detector was able to give correct signal.

• Can detect pin bars in any currency pair and in all time frames.
• Ability to change color and size of detecting points (smiley faces).
• Ability to change the distance offset of the smiley faces from the candle (in pips).
• Ability to change the pin bar ratio. Default is 0.4 means 40% body and 60% wick. But it is changeable from input variable (PBRatio).
• Ability to determine the minimum bar size (in pips), which can be considered for pin bar. Default minimum bar size (in pips) is 5. But you can change it from input variable (MinBarSize).
• Ability to be used in an Expert Advisor.
• Two Types of alerts provided, e.g. Potential Pin Bar alerts and Confirmed Pin Bar alerts, which can be turned ON/OFF.   
  

After closing the right eye candle, if that bar satisfies the pin bar pattern definition, then user will be alerted about its /confirm/iation, otherwise a DANGER Sign will be placed on the pin bar suggesting that it did not qualified the pin bar pattern definition.

Users are advised to wait for the confirmed signal after closing RIGHT EYE candle, e.g. the bar after smiley face bar.

The screenshots attached are of the same chart with the following different settings:

• 1st screenshot: PBRatio=0.4, MinBarSize=10 pips.
• 2nd screenshot: PBRatio=0.4, MinBarSize=5 pips.
• 3rd screenshot: PBRatio=0.33, MinBarSize=5 pips.
• 4th picture shows the classic pin bar pattern with left eye, nose and right eye candles.