Hello everyone,
A short time ago, I was thinking about pin bars. I like to try and use numbers to ‘grade’ pin bars when they form at a key level. It occurred to me after taking ten minutes to calculate the values each time with a calculator and spreadsheet that I could get an EA to do it.
With that in mind, I have written the EA that judges the ‘grade’ of a pin bar from 0-8 using three parameters. These are:
[B]body to wick ratio ratio[/B] (the lower the better)
[B]Body Position[/B] (the position of the body on the candle judged by percentage)
[B]Wick distance away from other price[/B] (the distance the pin bar wick protrudes from other price).
To make sure this remains accurate for pin bars for buy trades and sell trades, I have added an option to give calculations for a ‘buy trade candle’ and a ‘sell trade candle.’ I have not yet put in a feature for inverted pin bars yet but I may do that if this goes well.
This is where the BP forum comes in…
I need to know what you all think is numerically tradable for a pin bar in terms of these parameters. Any feedback about the 0-8 system would also be welcomed.
If I can get help from other traders on this, as I am very new to price action trading and trading in general, that would be appreciated. It would also mean we can get a generalised idea of a good pin bar that can be used to trade in a high probability fashion.
So, if you think you have a value that you think is tradable, post it on the thread, I will note it down and we’ll go from there. If we get enough of these, I will happily release this free to the BP members as a thank you to the community in helping me. I hope this will also help price action traders generalise their trading and help them stick to systems if they are new (like me).
Thanks again with your feedback
Fib