Pin Bar Detector (open)

The Pin Bar Detector script is designed to identify and highlight pin bars (reversal candles) on a price chart. It scans for bullish and bearish pin bars based on wick-to-body ratio, candle size, and price structure.


🔹 Features & How It Works
✅ Detects Both Bullish & Bearish Pin Bars

Bullish Pin Bar (Hammer): Long lower wick, small body near the top, and little to no upper wick.
Bearish Pin Bar (Shooting Star): Long upper wick, small body near the bottom, and little to no lower wick.
✅ Wick-to-Body Ratio Calculation

The wick must be at least 2x the size of the body to be considered a valid pin bar.
The script dynamically checks if the upper or lower wick dominates the candle to classify it.
✅ Key Level Filtering (Optional)

The script can be modified to only detect pin bars at VWAP, 50 EMA, Support/Resistance, or First 15-Min High/Low for stronger trade signals.
✅ Customizable Inputs

Users can adjust the minimum wick-to-body ratio to refine detection.
Option to show/hide pin bars that form in choppy or sideways markets.
✅ Pin Bar Confirmation (Optional)

Can include a volume filter to detect pin bars with significant market participation.
Can add ATR confirmation to check if the pin bar forms during high volatility periods.
🔹 How to Use It in Your Trading
1️⃣ Enable the script on your chart to automatically highlight pin bars.
2️⃣ Wait for confirmation (volume spike or key level rejection) before entering a trade.
3️⃣ Use stop-loss below/above the pin bar wick to control risk.
4️⃣ Target key resistance/support levels for take-profit.

🔹 Final Thoughts
Pin bars are powerful reversal signals, but they work best at strong support/resistance zones with volume confirmation.
This script helps eliminate false pin bars by ensuring the wick-to-body ratio is valid.
Can be combined with VWAP, 50 EMA, and ATR to create a high-probability trading system.