Pinbar Strategy and signal.

[Reymondpolanco]

For signal of pinbar:

When the candle close the signal need to verify is the open and close price is under the 50% of the long of the candle or if the open and close price is above the 50% of the long of the candle after that need to check this rule:

If the open and close price is under the 50% of the long of the candle the close price need to be below the open price so this will be a red pinbar and there is a sell signal. If the close price is above the open price the pinbar will be green and there is not signal.

If the open and close price is above the 50% of the long of the candle the close price need to be above the open price so this will be a green pinbar and there is a buy signal. If the close price is below the open price the pinbar will be red and there is not signal.

The rule to be a pin bar is the shadow need to be 3x or more the long of the body.
Rules for the take profit and stop loss:

When a signal of pinbar red appears open a trade when the next candle cross bellow the minimum of the pinbar, put a selector where I can put a number of pip below the minimum of the pin bar to put the entry order, if I put 3 on the selector the entry order will be 3 pips below the minimum of the pinbar, if I put 0 in the selector the strategy execute a trade immediately on the open of the next candle. If the next candle doesn’t cross the numbers of pips below the pin bar cancel the entry. The parameter for the stop will be:

Put a selector where I can put a number of pips that the stop will be above the high of the candle. For example if the distance from the minimum to the maximum is 18 pips and I put in the selector 3 the stop loss will be -21.

When a signal of pinbar green appears open a trade when the next candle cross above the maximum of the pinbar, put a selector where I can put a number of pip above the maximum of the pin bar to put the entry order, if I put 3 on the selector the entry order will be 3 pips above the maximum of the pinbar, if I put 0 in the selector the strategy execute a trade immediately on the open of the next candle. If the next candle doesn’t cross the numbers of pips above the pin bar cancel the entry. The parameter for the stop will be:

Put a selector where I can put a number of pips that the stop will be above the low of the candle. For example if the distance from the minimum to the maximum is 18 pips and I put in the selector 3 the stop loss will be -21.

For the take profit the rule is this:

Put a selector where I put a number of risk reward for the take profit, for example if the stop is -21 pips and I want a risk reward of 2 I put 2 in the profit selector and the take profit will be 42 pips.
Put an option with yes or not where if I select yes the stop will move to each risk/reward level. For example if my stop loss is -10 and I put a risk/reward of 5 my take profit will be +50 so I will have 5 level of profit 10, 20, 30, 40, 50. When the price hit +10 pips put the stop loss at break even, when the price hit +20 pips put the stop loss in +10 pips, when the price hit 30 pips put the stop loss in +20 and follow the same rule for the rest. But in the logic of the strategy this need to appear like levels because that can be different in each trade.

Put an option to have a dynamic or fixed stop too plus the other rule above.

[Apprentice]

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[Apprentice]

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