Pinbar Detector Indicator For MT5
Table Of Contents:
- Pinbar Detector Indicator For MT5
- Installing the Pinbar Detector Indicator For MT5
- Parameters of the Pinbar Detector Indicator For MT5
- Buffers of the Pinbar Detector Indicator For MT5
- Main Parts Of The Code
The Pinbar Detector Indicator For MT5 makes a great job at detecting the pinbar candlestick pattern. Pinbars are used to trade trend reversals or trend continations (after the pullback has finished). The indicator spots the formation left eye, nose and right eye.
Partially Automated Trading Besides Your Day Job
Alerts In Real-Time When Divergences Occur
Installing the Pinbar Detector Indicator For MT5
After you downloaded the indicator via the form above you need to unzip the zip-file. Then you need to copy the file pinbardetector.mq5 into the folder MQL5\Indicators of your MT5 installation. After that please restart MT5 and then you will be able to see the indicator in the list of indicators.
Parameters of the Pinbar Detector Indicator For MT5
The Pinbar Detector Indicator For MT5 has 12 parameters to configure.
input bool UseAlerts=true; // Permission to alerts input bool UseEmailAlerts=false; // Permission to email alerts input double MaxNoseBodySize = 0.33; // maximum allowable ratio of Nose body to the bar length input double NoseBodyPosition = 0.4; // extreme position of the Nose body inside the bar. Upper part for the bullish pattern, lower part to the bearish pattern input bool LeftEyeOppositeDirection=true; // Left eye should be bearish for the bullish Pin Bar and should be bullish for the bearish Pin Bar input bool NoseSameDirection=false; // the Nose should be in the same direction as the pattern itself input bool NoseBodyInsideLeftEyeBody=false; // the Nose body should be fit in the Left Eye body input double LeftEyeMinBodySize=0.1; // minimum size of the Left Eye body relatively to the bar length input double NoseProtruding=0.5; // minimum Nose protrusion relatively to the bar length input double NoseBodyToLeftEyeBody=1; // maximum size of the Nose body relatively to the Left Eye body input double NoseLengthToLeftEyeLength=0; // minimum Nose size relatively to the Left Eye input double LeftEyeDepth=0.1; // minimum depth of the Left Eye relatively to its length. Depth is the length of the bar part behind the Nose Buffers of the Pinbar Detector Indicator For MT5
The Pinbar Detector Indicator For MT5 provides 2 buffers.
SetIndexBuffer(0,UpDown,INDICATOR_DATA); SetIndexBuffer(1,Color,INDICATOR_COLOR_INDEX); Main Parts Of The Code
int OnCalculate(const int rates_total, const int prev_calculated, const datetime &time[], const double &Open[], const double &High[], const double &Low[], const double &Close[], const long &tickvolume[], const long &volume[], const int &spread[]) { //---- int NeedBarsCounted; double NoseLength,NoseBody,LeftEyeBody,LeftEyeLength; //---- ArraySetAsSeries(Open,true); ArraySetAsSeries(High,true); ArraySetAsSeries(Low,true); ArraySetAsSeries(Close,true); //---- if(LastBars==rates_total) return(rates_total); NeedBarsCounted=rates_total-LastBars; LastBars=rates_total; if(NeedBarsCounted==rates_total) NeedBarsCounted--; //---- UpDown[0]=EMPTY_VALUE; //---- for(int bar=NeedBarsCounted; bar gt =1; bar--) { //---- Prevents bogus indicator arrows from appearing (looks like PlotIndexSetDouble(0, PLOT_EMPTY_VALUE, EMPTY_VALUE); is not enough.) UpDown[bar]=EMPTY_VALUE; //---- Won t have Left Eye for the left-most bar if(bar==rates_total-1) continue; // Left Eye and Nose bars s paramaters NoseLength=High[bar]-Low[bar]; if(!NoseLength) NoseLength = _Point; LeftEyeLength = High[bar + 1] - Low[bar + 1]; if(!LeftEyeLength) LeftEyeLength=_Point; NoseBody=MathAbs(Open[bar]-Close[bar]); if(!NoseBody) NoseBody = _Point; LeftEyeBody = MathAbs(Open[bar + 1] - Close[bar + 1]); if(!LeftEyeBody) LeftEyeBody=_Point; //---- Bearish Pinbar if(High[bar]-High[bar+1] gt =NoseLength*NoseProtruding) // Nose protrusion { if(NoseBody/NoseLength lt =MaxNoseBodySize) // Nose body to candle length ratio { if(1 -(High[bar]-MathMax(Open[bar],Close[bar]))/NoseLength lt NoseBodyPosition) // Nose body position in bottom part of the bar { if(!LeftEyeOppositeDirection || Close[bar+1] gt Open[bar+1]) // Left Eye bullish if required { if(!NoseSameDirection || Close[bar] lt Open[bar]) // Nose bearish if required { if(LeftEyeBody/LeftEyeLength gt =LeftEyeMinBodySize) // Left eye body to candle length ratio { if(MathMax(Open[bar],Close[bar] lt =High[bar+1]) && MathMin(Open[bar],Close[bar]) gt =Low[bar+1]) // Nose body inside Left Eye bar { if(NoseBody/LeftEyeBody lt =NoseBodyToLeftEyeBody) // Nose body to Left Eye body ratio { if(NoseLength/LeftEyeLength gt =NoseLengthToLeftEyeLength) // Nose length to Left Eye length ratio { if(Low[bar]-Low[bar+1] gt =LeftEyeLength*LeftEyeDepth) // Left Eye low is low enough { if(!NoseBodyInsideLeftEyeBody || MathMax(Open[bar],Close[bar]) lt =MathMax(Open[bar+1],Close[bar+1]) && MathMin(Open[bar],Close[bar]) gt =MathMin(Open[bar+1],Close[bar+1])) // Nose body inside Left Eye body if required { UpDown[bar]= High[bar]+5 * _Point+NoseLength/5; Color[bar] = 1; if(bar==1) SendAlert("Bearish"); // Send alerts only for the latest fully formed bar } } } } } } } } } } } //---- Bullish Pinbar if(Low[bar+1]-Low[bar] gt =NoseLength*NoseProtruding) // Nose protrusion { if(NoseBody/NoseLength lt =MaxNoseBodySize) // Nose body to candle length ratio { if(1 -(MathMin(Open[bar],Close[bar])-Low[bar])/NoseLength lt NoseBodyPosition) // Nose body position in top part of the bar { if(!LeftEyeOppositeDirection || Close[bar+1] lt Open[bar+1]) // Left Eye bearish if required { if(!NoseSameDirection || Close[bar] gt Open[bar]) // Nose bullish if required { if(LeftEyeBody/LeftEyeLength gt =LeftEyeMinBodySize) // Left eye body to candle length ratio { if(MathMax(Open[bar],Close[bar] lt =High[bar+1]) && (MathMin(Open[bar],Close[bar]) gt =Low[bar+1])) // Nose body inside Left Eye bar { if(NoseBody/LeftEyeBody lt =NoseBodyToLeftEyeBody) // Nose body to Left Eye body ratio { if(NoseLength/LeftEyeLength gt =NoseLengthToLeftEyeLength) // Nose length to Left Eye length ratio { if(High[bar+1]-High[bar] gt =LeftEyeLength*LeftEyeDepth) // Left Eye high is high enough { if(!NoseBodyInsideLeftEyeBody || MathMax(Open[bar],Close[bar]) lt =MathMax(Open[bar+1],Close[bar+1]) && MathMin(Open[bar],Close[bar]) gt =MathMin(Open[bar+1],Close[bar+1])) // Nose body inside Left Eye body if required { UpDown[bar]= Low[bar]-5 * _Point-NoseLength/5; Color[bar] = 0; if(bar==1) SendAlert("Bullish"); // Send alerts only for the latest fully formed bar } } } } } } } } } } } } //---- return(rates_total); } //+------------------------------------------------------------------+ //| Getting string timeframe | //+------------------------------------------------------------------+ string TimeframeToString(ENUM_TIMEFRAMES timeframe) {return(StringSubstr(EnumToString(timeframe),7,-1));} //+------------------------------------------------------------------+ //| | //+------------------------------------------------------------------+ void SendAlert(string dir) { //---- string per=TimeframeToString(_Period); if(UseAlerts) { Alert(dir+" Pinbar on ",_Symbol," @ ",per); PlaySound("alert.wav"); } if(UseEmailAlerts) SendMail(_Symbol+" @ "+per+" - "+dir+" Pinbar",dir+" Pinbar on "+_Symbol+" @ "+per+" as of "+TimeToString(TimeCurrent())); //---- } //+------------------------------------------------------------------+
