Pinbar trader EA - Trading pinbars off weekly S&R levels

=== Pinbar Trader EA ===

Hi everyone, welcome !
I would like to present my latest EA.
It implements a very basic, but very effective strategy. trading pinbars from weekly S&R levels

Strategy:
- we wait for a pinbar to appear which rejects a weekly support & resistance level
- When the candle with the pinbar is closed we open a new buy/sell trade on the next candle

The Pinbar trader EA
The pinbar trader EA implements the strategy and has lots of extra features:

1. it scans multiple currencies. So load the EA on 1 chart and it will scan all major currencies by default (you can change which ones in the settings)
2. it can send you alerts when a pinbar is detected on a weekly S&R level
3. it can do auto trading, although please run this on demo first before you decide to go live with this
4. You can choose between a trailing stops or risk:reward exit strategy
5. You can choose if it should use a fixed lot sizes, a fixed amount of $, or a risk % of your account balance
6. It has a news filter implemented to skip trading during news events

Installation:
Download the zip file and unzip it somewhere

1. copy the pinbartrader.tpl to your MT4 templates folder
2. copy the SupportResistance.ex4 to your MT4 indicators folder
3. copy the PinbarTrader.ex4 to your MT4 experts folder
4. Now start MT4, enable auto trading and DLL imports
5. put the EA on any chart on the Daily (D1) timeframe !

and voila..
By default auto-trading and alerts are turned off. So enable them if you want to use them

Source code:
Want to get involved ? you can find all source code for this (and my other ea's & indicators) on GitHub
https://github.com/erwin-beckers/SimpleTrendReversalEA

Backtesting:
Attached the results of a 2-year backtest on EURUSD

Idea's for the next version/future:
- add a distributed S&R filter. Instead of trying to calculate the correct S&R levels, simply download them from a central server.
- send alerts for mean reversal setups (and perhaps auto trade those)
- open with-the-trend trades on pinbars for pinbars on/to the mean



General usage:
The EA will show you a table with the pairs which have a pinbar or are at a weekly S&R resistance level.
Pairs which don't have any pinbar and are not at a weekly S&R level are filtered out and are not shown.
In short.. the EA will only show pairs which looks interesting
Off course when time goes by new pairs will be shown or removed automatically.

The color of a pair indicates if we are looking to buy (green) or sell (red)
When all signals are valid the last column will contain the word buy or sell and when this happens the EA will send you an alert and/or open a trade.
If you want to look at the chart , then simply click on the name of the currency pair in the 1st column (e.g. EURUSD in the screenshot)
This will open a new chart with the S&R indicator attached so you can take a quick look

When auto-trading is enabled the EA will also show you a list of all open trades and a trade statistics panel where you can keep track on its performance

Manual Trading
The EA can be used as an aid for manual trading or it can do automated trading.

For manual trading just set sendAlerts=true (and/or sendEmails = true)
The EA will then send an alert (or email) when it detects a valid buy/sell signal.
Alerts can even be send to your phone!
See here on how to set this up : http://www.cmapllc.com/how-to-set-up...nd-iphone.html
When you receive an alert you can look at the chart and if you like the signal or not and perhaps open a trade manually

Automated Trading
For automated trading just set allowTrading=true and choose your lotsize and exit strategy
The EA will open trades automatically when it detects valid buy/sell signals and manage these trades for you.
When auto trading you must tell the EA how much money it is allowed to use for each trade
Here you have 3 options:

MoneyManagement:

Fixed Lot Size / trade

Set MoneyManagent = UseFixedLotSize and fill in your lotsize under FixedLotSize

Each trade opened by the EA will use this fixed lot size

Fixed Amount of $ / trade

Set MoneyManagement = UseFixedAmount and fill in the amount of under FixedAmount.

Note that this is your account currency. So if your account is in EUR then FixedAmount is also in EUR

Each trade opened by the EA will use a fixed amount of money.

When the SL is bigger it must use a smaller lotsize and when the SL is smaller it can use a higher lotsize.

So it will always risk the same amount of money on each and every trade

Percentage of Account Balance / trade

Set MoneyManagement = UsePercentageOfAccountBalance and fill in the percentage (1-100) under RiskPercentage.

Each trade opened by the EA will risk a fixed % of your total balance

So if you have a $1000 account and Riskpercentage = 5 it will risk 5% of $1000 = $50,- / trade

Exit Strategies
Here you can choose between a trailing stop or a fixed Risk/Reward ratio

Trailing stop:

Set trailingmethod=UseTrailingStops and fill in the OrderHiddenSL, OrderTSx , OrderTSxTrigger levels

It uses a hidden / virtual stoploss.

This allows us to put the stop loss anywhere without the broker knowing and without any broker restrictions

So.. When the EA places a new order then the initial hidden/virtual stoploss is placed at the S&R level

then when trade gets into profit we trail the hidden / virtual stoploss like this:

when profit reaches Order TS1 Trigger pips, the virtual stoploss is moved to Order TS1 pips

when profit reaches Order TS2 Trigger pips, the virtual stoploss is moved to Order TS2 pips

when profit reaches Order TS3 Trigger pips, the virtual stoploss is moved to Order TS3 pips

when profit reaches Order TS4 Trigger pips, the virtual stoploss is moved to Order TS4 pips

when profit goes above Order TS4 Trigger pips then the rest gets trailed with a Trailing Step

Risk/Reward ratio

Set trailing method = UseRiskRewardRations and set TakeProfit to your R:R

ebeckers,
thanks for sharing your idea as usual.Where do i find and

1. copy the SupportResistance.ex4 to your MT4 indicators folder
2. copy the PinbarTrader.ex4 to your MT4 experts folder

Seems very promising! Subscribed.

subscribed.

Hi, Thanks for sharing your work here, i have similar liking of this candle pattern based trading method. I have done a my share of research on it as well. Using the weekly support and resistance is a good way to filter these signals indeed. For others they also utilise Pivots, Some use Fibs and others use Value charts. Keeping it simple is great and i will surely be testing your hard work. I look forward to further development if it is required. I also look to assist where i can.

I like your trade dashboard and trade info panel. I will also be looking for those two trades that the system has alerted and traded.
My only question is the method of entry:

1. Is it an aggressive entry, which means you enter as soon as the bar closes? Market order.
2. Do you wait for retrace? Limit order
3. Break of the nose of the pinbar? Stop order

Hi Ebeckers, many thanx to offer this for the FF community, looks like a simple system and effective for price action ,,
Pls could you clarify some points ?
-I use normally 1000 bar history and default Ea is 3000 bars, is it okay to keep it still at 1000
or it will make conflict somehow with the Ea ?
-Also some of the Pinbars patterns might not display the same way , and i think it is best to use the New York close
i find almost identical patterns with brokers using +2 gmt, is that what you have used too ?
- For now this works on Daily chart only and perhaps do you have any plan to make this work on H4 too?
There are quite a few reliable PinBars on that type of TF too
-Also is it possible temporarily hyde the box showing data on the chart ?
-The Entry is it straight away after PIn Bar forms or does the Ea looks at the next candle for reference ?
I have switched to price action and normally i am entering long tailed pin bars or med sized ones from half 50% of it _
If you could confirm ...
Thank you and best of luck _

Thx.. yeah at the moment the EA simply opens a trader right after the pinbar candle closes.
I'll be playing with 50% retracements next week to see if this makes things even better !

> I use normally 1000 bar history and default Ea is 3000 bars, is it okay to keep it still at 1000
Fine with me ;-) When there is less then 3000 bars the EA will simply use less bars
So 3000 is the max it will use, if there are only 1000. it will use 1000

>Also some of the Pinbars patterns might not display the same way , and i think it is best to use the New York close
I agree, NY close brokers are the best, but it depends on which broker you use

> i find almost identical patterns with brokers using +2 gmt, is that what you have used too ?
I do al my trading on a broker which has NY closing charts. Dunno about other brokers

> For now this works on Daily chart only and perhaps do you have any plan to make this work on ha4 too?
Yes

> Also is it possible temporarily hide the box showing data on the chart ?
No, it appears when you have auto trading enabled.
But the source code is open to all, so you could change it ;-)

Erwin

Aww, Lol you faster than me
Okay thanx for the answers, not sure if i have seen this before
but i like what i see now and it is promising_
What i am careful of when playing Pin bars is to play them only of course when there is a clear trend
visible on a Daily Chart to avoid some fake signal.
The addition of the Risk Reward Ratio is a good feature Btw,,,
So we wait for Monday then _ Nice work man !

Yes i agree even the colours sometimes are opposite versus the direction the signals are indicating.

Looks interesting! Subbed and keen to follow!

This is the kind of stuff i was searching for a lot of time for improve my trading and making it stress-less. Thank you and subscribed :-)

Amazing stuff guru Subscribed

Nice one ebeckers, this looks good! I'm in!

Thank you for creating this thread,Subscribed and All the best!

@ebeckers:thank you for this ea, subscribed, renkotop

Ebeckers I'm subscribed. Your coding skills and generosity is truely amazing!
Thanks

I didn't see the template in your zip file.
Thanks

Great thread. Pin Bar is such a great candlestick, especially when formed in ranging market. Almost similar to Hammer. They fly the pair to a great height.

Thank you for sharing, ebeckers...Up and ready for next week...