Hello,
The indicator is a simple indicator. This strategy is trend following based on two pinbars (a reference and entry). See order below:
- Wait for first pinbar to form. This is the reference pinbar
- After that, wait for the second pinbar to form. This is the entry pinbar.
- Show buy signal on candle close.
There are no sell signals, indicator is for buys only.
I have attached a file with images for clarity and you can zoom in to see better.
Conditions:
NO BODY GAPS BETWEEN THE CANDLE BEFORE ENTRY PINBAR AND THE ENTRY PINBAR ITSELF
DIFFERENCE BETWEEN REFERENCE AND ENTRY PINBARS SHOULD BE BETWEEN 6 MINIMUM AND 25 MAXIMUM CANDLES
ENTRY PINBAR CLOSE MUST BE HIGHER THAN REFERENCE PINBAR CLOSE
REFERENCE PINBAR WICK MUST BE AT LEAST LENGTH OF CANDLE BODY
ENTRY PINBAR WICK MUST BE AT LEAST 1.5 TIMES THE LENGTH OF CANDLE BODY
THERE MUST BE NO LOWER LOWS THAN REFERENCE PINBAR
NO DOJIS IN SUBJECT CANDLES
NO REPAINTING ON SIGNAL
FAST EXECUTION OF SIGNAL ON CANDLE CLOSE
ONLY BUY SIGNALS, NO SELLS
Parameters:
Reference pinbar type = (BUY/SELL)
Entry pinbar type = (BUY/SELL)
Length of pinbars = (pips)
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