PROTECTED SOURCE SCRIPT
Updated Pinbar MTF + Filter
I realized this indicator to facilitate the Backtesting operations.
The indicator autonomously detects the Pinbars to which filters can be placed. The available filters are:
- ATR (discards Pinbar which do not have a range greater than or equal to the value of ATR)
-SWING(SWING filter, the indicator ensures that Pinbar low/high must be the absolute low/high respect to the number of spark plugs selected in the settings)
- RSI (Discards Engulfing that is not in overbought/oversold in the pinbar candle)
In addition, the indicator draws 4 lines (2 for bullish Pinbars and 2 for bearish Pinbars) which are SL and TP.
The Stop Loss is calculated an ATR below/above the swing generated by the Pinbar spark plugs and the Take Profit is calculated according to the return risk set in the indicator, which is 1 by default.
The indicator autonomously detects the Pinbars to which filters can be placed. The available filters are:
- ATR (discards Pinbar which do not have a range greater than or equal to the value of ATR)
-SWING(SWING filter, the indicator ensures that Pinbar low/high must be the absolute low/high respect to the number of spark plugs selected in the settings)
- RSI (Discards Engulfing that is not in overbought/oversold in the pinbar candle)
In addition, the indicator draws 4 lines (2 for bullish Pinbars and 2 for bearish Pinbars) which are SL and TP.
The Stop Loss is calculated an ATR below/above the swing generated by the Pinbar spark plugs and the Take Profit is calculated according to the return risk set in the indicator, which is 1 by default.
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This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.