The script detects pin bar candlestick patterns by comparing each candle's body size to its total range and measuring the relative lengths of its upper and lower shadows.
1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
A bullish pin bar forms when the body is small, the lower shadow is at least twice as long as the upper shadow, and the lower shadow exceeds a user-defined ratio times the body. A bearish pin bar follows the symmetric rules with the upper shadow dominant. Detected pin bars are plotted on the price chart using custom colors for the candle body and wicks. Optional signals display BUY or SELL labels below or above the bar when the chosen signal type is BUY/SELL, or shapes such as circle, square, diamond, or triangle at the bar extremes.
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
Maximum Body Size Ratio
float
0.3
bodySizeRatio
Maximum Body Size Ratio
float
3.5
shadowRatio
Bullish Color
color
color.new(color.yellow, 0)
bullishColor
Bearish Color
color
color.new(color.purple, 0)
bearishColor
Show/Hide Signal indicator
bool
false
showSignal
Signal Type
string
BUY/SELL
signalType
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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