Really good indi! PAJ (New Price action indicator!) | Forex Factory

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Really good indi! PAJ (New Price action indicator!)

  • #1
  • First Post: Edited 2:53pm Nov 28, 2011 2:42pm | Edited 2:53pm
PAJ: "Price Action Jonas"
------------------------

This FREE indicator was developed by jonathan orrego and is mainly used to spot PinBars, but NOT all PinBars are shown.

The indicator shows only "good looking" PB, and you can check the PinBar success with the repainting zigzag (12,5,3) indicator to check if the PB was good or not.

Here i include some captures (cherry picked of course, but all of them from the last two months).

You need the zigzag indicator because its needed to indentify support zones and check confluencies.

Attached File(s)
File Type: rar paj.rar   23 KB | 15,136 downloads


http://img11.imageshack.us/img11/179/paj3.jpg

http://img846.imageshack.us/img846/1008/paj2.jpg

http://img4.imageshack.us/img4/861/paj1h.jpg

http://img833.imageshack.us/img833/287/paj4.jpg
  • #2
  • Nov 28, 2011 2:56pm Nov 28, 2011 2:56pm
Please reply this thread... may be we can find a good strategy to use this indi.
  • #3
  • Edited 8:51am Dec 5, 2011 8:18am | Edited 8:51am
Hi Trucheitor,

Im very interested in Pinbar setups and I want to try your PAJ indicator, but every time I try to use it, my MT4 crash and close suddenly.
I have attached the ZigZag previously to the chart, so this may not be the cause of the problem.
I have the following version of MetaTrader 4.00 Build 225

Do you have any idea of that problem?

Excuse me for my English.
  • #4
  • Dec 6, 2011 3:31pm Dec 6, 2011 3:31pm
Hi Garada!

The Metatrader version must be 4.00 build 402 or above.

All the indicators compiled with 402 works fine with the actual version (409 i think), but the indicators compiled with 409 doesnt work in 402.

But you have a 225 build, that should be veeery old. Please if you are using a demo account, just download again the metatrader from your broker or other broker, or if you are using a live account you can open a demo account for example in IBFX where i tested this indicator and it should work in that version.
Thanks a lot!
Jonathan
  • #5
  • Dec 7, 2011 2:44am Dec 7, 2011 2:44am
Hi trucheitor,

As you said, as soon as I upgraded my Metatrader to Build 409, the indicator start to work perfectly.

I´m going to test the indicator.

Thank you so much.
  • #6
  • Dec 10, 2011 7:15am Dec 10, 2011 7:15am
Quoting trucheitor
PAJ: "Price Action Jonas"
------------------------

This FREE indicator was developed by jonathan orrego and is mainly used to spot PinBars, but NOT all PinBars are shown.

The indicator shows only "good looking" PB, and you can check the PinBar success with the repainting zigzag (12,5,3) indicator to check if the PB was good or not.

Here i include some captures (cherry picked of course, but all of them from the last two months).

You need the zigzag indicator because its needed to indentify support zones and check confluencies.
Very promising.
I like PB very much!
I like to try.
Dont know what is rar?
Can you pls. upload ex4 and mq4 version to ease installation?

Thxs
Cheers
  • #7
  • Dec 27, 2011 7:23am Dec 27, 2011 7:23am
The .rar is a compresed file, you need the "winrar" software.
  • #8
  • Mar 14, 2012 5:56pm Mar 14, 2012 5:56pm
great indie ..but i found a problem...the indie causes metatrader to delete any fibs or lines when i switch timeframes ...i guess it's a data refreshing issue
  • #9
  • Mar 15, 2012 7:06am Mar 15, 2012 7:06am
Yes! i used a lot this indie, the problem is that it clears the drawn objects... i have much work and i cant spend time to fix this indi... because this is hobby to me not work, i have never earned a dollar from trading forex, i earned money only developing EAs for others (that never works in backtests!)
The problem i see is always the same... i see a potential EA... i develop it and when i backtest it and see that it only works great for a year or so... so i cant know if the next year will work too or if it will lose money like for example 2008.
With pinbars happends the same, after 17 EAs i still didnt find the best way to use them.
This EA filter most of bad pinbars because it only shows certain pinbars that meet some specifications. Confluencies didnt add profiteability in my tests.
  • #10
  • Edited 12:47pm Mar 16, 2012 9:42am | Edited 12:47pm
yeah pinbars alone are not profitable...but the pinbars from your ea theme to be pretty good .. you just need some filters to add...

1. pinbars with the trend are more reliable then pinbars against the trend...preferable i like to see that the pinbar is touching or crossing an MA in trend direction for example MA21 or MA50
2. counter pinbars against the trend work only if they appear at a major swing low or high together with a divergence (in rsi or macd for example)..
3. if i see a strong trend starting with 4 or more blue candles in a row i ignore any counter pinbar soon after the trend started.
4. and of course most important is to only enter below/above the close of the pinbar.
5. stop loss should be moved to BE after 30 pips on 1h tf

with this rules you can filter out most wrong signals...the only real bad thing about trading pinbars is how to define the targets but that's one of the hardest things in trading anyway...

one thing is noticed the indie very seldoms picks up the good pinbars with the trend, maybe cause these pinbars tend to look a bit crappy
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ScreenHunter_02 Mar. 16 15.31.jpg Size: 335 KB
Click to Enlarge Name: ScreenHunter_03 Mar. 16 15.32.jpg Size: 364 KB
Click to Enlarge Name: ScreenHunter_04 Mar. 16 15.37.jpg Size: 403 KB
  • #11
  • Dec 13, 2012 9:59pm Dec 13, 2012 9:59pm
Hi Trucheitor,

I'm just wondering if you ever figured out your EA for this Indy. I've just glanced at the signals it marks on the charts. Some of the filtering it does looks pretty decent.

You make the point that the indy does not repaint. However, *when* does it exactly indicate the signal? Is it at the close of the pinbar itself, or does that occur after the NEXT (or two?) bar closes? If at the close, that's good. If after the next bar or two, not so good.

Is there a newer version? I notice the website the EA mentions is now dead. Are you possibly willing to consider sharing the mq4 source? I would want to tweak the algorithm myself to include more signals of bars than what it currently flags. Without the source, I could only take what it gives and filter those.

A zillion people have thought about and tried pinbar EA's. It's very tough to do. Not sure I can do any better, but I may give it a try.
  • #12
  • Dec 14, 2012 6:33am Dec 14, 2012 6:33am
Hi Pips4Life!

Yes! the pinbar is drawn as soon as it closed. (You dont have to wait one or two more bars).
I've made this indi after reading lot of things about pin bars.

The most important thing about pinbars is how you correctly filter them, thats why all the pin bar indicators shows different pinbars. I have found that my indi shows some great reversal signals that would make you rich, but i still cant filter the bad ones and my money management skills dont compensate the bad side.

I work as a metatrader EA and indi programmer, so my code is not available, but if you want to include this indi in your own EA you are free to do it as i am releasing this indi as ex4.
I have two goals with this indi published for free:

1) Hope that someone tell me how to correctly filter the bad signals.
2) Hope that someone ask me for a paid EA, because this indi shows part of my work, i have made more that 100 EAs and indis.

The website is dead because i paid a year of hosting and i had less than 10 visits in that year, so i didnt pay the site renovation as there was no public interest in this indi.

Thanks a lot for your comment!
  • #13
  • Jan 14, 2013 10:05am Jan 14, 2013 10:05am
i've been trying your indicator and I like it!

is there a new version?
  • #14
  • Jan 28, 2013 11:37pm Jan 28, 2013 11:37pm
Hi,

I am interested for your indicator. Can you make an alert message?

regards

Quoting thekillerpt
i've been trying your indicator and I like it!

is there a new version?
  • #15
  • May 3, 2013 8:05am May 3, 2013 8:05am
Hello:

The indi is really impressive. Yours efforts are really appreciated. I want an EA that would get into a trade right after the bar close with a 2% risk reward ratio. Would you code that for me. What is your quote to program such an EA. Thanks in advance
  • #16
  • Sep 8, 2013 2:45pm Sep 8, 2013 2:45pm
Not all boxes are being drawn on my screen. why could this be? and is there a newer version?
  • #17
  • Apr 7, 2014 8:41am Apr 7, 2014 8:41am
Hi trucheitor,

is there any possibility to add an alert option to the indicator?

Regards
  • #18
  • Last Post: Feb 8, 2015 6:42am Feb 8, 2015 6:42am
Quoting trucheitor
Hi Pips4Life! Yes! the pinbar is drawn as soon as it closed. (You dont have to wait one or two more bars). I've made this indi after reading lot of things about pin bars. The most important thing about pinbars is how you correctly filter them, thats why all the pin bar indicators shows different pinbars. I have found that my indi shows some great reversal signals that would make you rich, but i still cant filter the bad ones and my money management skills dont compensate the bad side. I work as a metatrader EA and indi programmer, so my code is...
Filters:

If a candle signal is confirming an indicator the probability for a successful trading increases.
The odds are increased at S and R.
Must not be in the middle of a "Box Range"

Hammer
The preceding trend must be down
Small real body at, or near top, of range
Lower shadow = at least 2x-3x real body
Upper shadow <= 10% of the Lower shadow
Market is in Downtrend
It is confirming a S-area
Color is not relevant

Shooting Star
The preceding trend must be up
Small real body at, or near top, of range
Upper shadow = at least 2x-3x real body
Lower shadow <= 10% of the Upper shadow
Market is in Uptrend
It is confirming a R-area
Color is not relevant
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