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:
At first BPB calculate the center of the candles body ( = [Open + Close] / 2).
Then BPB finds the distance between the center of the body and the candle low.
The last step is to divide step 2 results by the candle range.
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.
I enhanced Bermaui Pin Bars functionality by adding:
A Multi Time Frame Candles Direction Panel to tell you the situation of the current candle for all time-frames. Where Green dots mean that Close>Open, Red means Close<Open and Yellow means that Close=Open.
Bermaui Bands to help you figure out if the current trend is bullish, bearish or neutral. You can read more about it fromBermaui Pin Bars Features:
Draw Pin Bar patterns on the chart.
Help the user to identify the trend depending on MTF Candles Direction Panel plus Bermaui Bands.
A well-designed color list with two options (Black / White Background).
Sound, email & mobile notifications depending on user’s choice.
Bermaui Pin Bars most important parameters:
BPB Colors List: Switch between color lists (Black / White Background).
Candles [Min =2]: number of candles used in bands calculations. The default is 50.
Deviation Multiplier [>0]: this parameter will help you to control Bermaui Bands width or how much far the bands can be away from the center-line. Default is 2.1.
I hope Bermaui Pin Bars to be a good trading tool for you. If you have any question send me a message and I will answer as soon as I am online.
Enjoy the game
Muhammad Al Bermaui, CMT