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The
Bullish Pin Bar is a bullish reversal pattern, which signals that a stock is nearing bottom in a downtrend. The body of the candle is short with
a longer lower shadow or wick which is a sign of sellers driving prices lower during the trading session only to be followed by strong
buying pressure to end. The Bearish Pin Bar is the opposite of the Bullish pattern. It shows that an uptrend is about to reverse. I would
provide a technical definition of the pattern later.
I would like an expert advisor developed based on this candlestick pattern in MQL5.
The EA would be used for stocks, indices and forex instruments
The EA should print a dot/arrow on the chart indicating the Pin Bar. So a blue dot/arrow should be printed under the low of
the bullish pin bar (this is not necessarily the point where a buy signal is issued). A red dot/arrow should be printed above the high of the
bearish pin bar.
The low of the bullish pin bar must the lowest price looking back x number of bars.
Likewise, the high of the bearish pin bar should be the highest price for x number of bars.
The proposed expert advisor has two different ways for issuing a buy or sell signal.
The first is to enter a trade when a pin bar pattern occurs and the other one is - a stop and reverse. i.e. if the trade fails,
then a position should be opened in the opposite direction.
Martingale principle will be used for money management.
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