Pin Candle Detection

Pin candles are a variation of hammer candles that are useful in technical analysis . In particular, when combined with volume profile studies, they can be a powerful set up for long entries or other decision making.

For example, when looking at volume profiles, a long entry would be a fair value area (i.e. 40%) below the close of a pin candle. When combined with a support level , the set up is stronger.

While most scripts look for hammer candles, pin candles are somewhat different in that the length of the wick is significant.

This script and its parameters was built for ES futures 15 min chart in mind.

This script is unique in that it allows for the below parameters to be adjusted to suit other instruments and timeframes:

1. Fib level: Candle must close within a certain retracement level). My preference is 0.55. Some traders like 0.5, while others prefer 0.33
2. Wick length: Pin candles differ from pure hammers in that the length of the wick must be significant. My preference is 7 points on ES (as in $ and not ticks)

Add this script to your alerts to no longer miss these set ups.


本着真正的TradingView精神,该脚本的作者将其开源发布,以便交易者可以理解和验证它。为作者喝彩!您可以免费使用它,但在出版物中重复使用此代码受网站规则的约束。 您可以收藏它以在图表上使用。