OPEN-SOURCE SCRIPT
P.I.B. System (Pin Bar | Inside Bar) // AlgoFyre
Updated
The "P.I.B. System (Pin Bar | Inside Bar)" identifies bullish and bearish pin bars and inside bars on a price chart. It highlights potential market reversals by plotting labels and colorizing bars, providing traders with visual cues for better decision-making.
Description
The "P.I.B. System (Pin Bar | Inside Bar)" script is designed to help traders identify potential reversal points in the market by detecting bullish and bearish pin bars and inside bars. A pin bar is a candlestick pattern that indicates a potential reversal, characterized by a small body and a long wick. Inside bars are candlestick patterns where the current bar's high and low are within the previous bar's range, indicating potential consolidation before a breakout.
This script allows customization of various parameters to fine-tune the identification of pin bars and inside bars. When a pin bar or an inside bar is detected, the script plots a label on the chart and colorizes the bars to highlight these patterns. This tool is useful for traders looking to identify potential reversal points and make informed trading decisions.
Explanation of All Options
How to Use
To use this script, add it to your chart. Customize the input parameters to match your trading strategy. The script will automatically identify and highlight bullish and bearish pin bars and inside bars on the chart. Use the visual cues provided by the labels and colorized bars to make informed trading decisions.
Description
The "P.I.B. System (Pin Bar | Inside Bar)" script is designed to help traders identify potential reversal points in the market by detecting bullish and bearish pin bars and inside bars. A pin bar is a candlestick pattern that indicates a potential reversal, characterized by a small body and a long wick. Inside bars are candlestick patterns where the current bar's high and low are within the previous bar's range, indicating potential consolidation before a breakout.
This script allows customization of various parameters to fine-tune the identification of pin bars and inside bars. When a pin bar or an inside bar is detected, the script plots a label on the chart and colorizes the bars to highlight these patterns. This tool is useful for traders looking to identify potential reversal points and make informed trading decisions.
Explanation of All Options
- Pin-Wick Size Ratio Minimum Value: The minimum ratio of the wick size to the total candle size for a pin bar to be considered valid. Default is 0.66.
- Candle Body Size Ratio Maximum Value: The maximum ratio of the body size to the total candle size for a pin bar to be considered valid. Default is 0.4.
- Handle-Wick Wick Size Ratio Maximum Value: The maximum ratio of the opposite wick size to the total candle size for a pin bar to be considered valid. Default is 0.4.
- Filter Out Small Candles: Option to filter out small candles based on the previous candle's size. Default is true.
- Small Candle Size Ratio: The ratio used to determine if a candle is considered small compared to the previous candle. Default is 2.0.
- Identify Inside Bars: Option to identify inside bars following a pin bar. Default is true.
- Show Only P.I.B.: Option to show only the bars where a pin bar is followed by an inside bar. Default is true.
- Hide Horizontal Rays: Option to hide horizontal rays drawn from the last identified pin bars. Default is false.
How to Use
To use this script, add it to your chart. Customize the input parameters to match your trading strategy. The script will automatically identify and highlight bullish and bearish pin bars and inside bars on the chart. Use the visual cues provided by the labels and colorized bars to make informed trading decisions.
Release Notes
- Added an option to draw a box around the Pin Bar or the P.I. Bar
Release Notes
- Some minor cosmetic updates
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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🔶 Check out algofyre.com/linktree
🔶 Looking for custom indicators, strategies, or automation? Hire us at AlgoFyre.com
🔶 All content provided by AlgoFyre is for informational and educational purposes only.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.