You should pay more attention to the abnormal ones among the pin bars. What I mean by abnormal is that the long leg is at least 3 times larger than the body.
With this indicator, you can set your own abnormal settings. The indicator will highlight abnormal pin bars according to the settings you specified.
The indicator uses the following three factors to indicate abnormal pin bar:
- Minimum body ratio in the pattern in percent
- Minimum ratio of the long shadow to the body
- Minimum ratio of the long shadow to the short shadow
Also, there is a strength check to confirm the . If the where the is formed is greater than the 20 average, it indicates that the is more important. Of course, confirming the with the is optional and you can disable it in settings if you wish.
You can use the highlights of this indicator as an entry signal if the appears at the trend key levels or in support or resistance zones.
- Title updated
- Alert conditions added
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.