Bermaui Pin Bars

 
Or (BPB) is an indicator that find Pin Bars price action pattern on the chart. Pin Bars is a shortcut for "Pinocchio Bars" which is a classic bar pattern alternative to Japanese candlesticks with tall upper or lower shadows and very small bodies like Hammer, Inverted-Hammer, Hanging Man, Shooting Star, Dragon Fly Doji or Grave Stone Doji.

Bermaui Pin Bars indicator find this pattern depending on a formula that can be explained in the next steps:

1. At first BPB calculate the center of the candles body ( = [Open + Close] / 2).
2. Then BPB find the distance between the center of the body and the candle low.
3. The last step is to divide step 2 results by the candle range.
4. If the candle body center is too close to the high or the low of the candles, then BPB detect a Pin Bar pattern and alert the user.

• Bermaui Pin Bars Demo: https://www.mql5.com/en/market/product/43091

• Bermaui Pin Bars Formula: https://www.mql5.com/en/blogs/post/729139

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