Summary: The Pinbar rejection indicator shows potential entry points in a trade using Pinbar candlestick patterns and a simple moving average (SMA).
Pinbar Rejection on the Charts
The Pinbar Rejection indicator identifies pinbar candlesticks, that is rejection of lower or higher prices when the price action crosses the moving average.
If a rejection is calculated to the upside, a bullish signal is generated and displayed on the chart using an upwards pointing triangle (▲).
Similarly, if the price is rejected downwards, a bearish signal is generated and a downwards pointing triangle (▼) is displayed on the chart.
Products & Properties
The following properties are available to access:
| Product Name | Product Variable | Properties |
|---|---|---|
| PinbarRejection | pbr | value, signal1, signal2 |
The bearish signal corresponds to signal1 and has the state of true/false.
The bullish signal corresponds to signal2 and has the state of true/false.
The length of the indicator's moving average can be changed by locating and opening the Javascript Code under Data Building Procedure -> Procedure Initialization under "Pinbar Rejection" Procedure Loop.
Example:
This indicator can be used to enter a trade when the price action rises above the SMA and a bullish entry signal is given:
chart.at01hs.candle.close > chart.at01hs.pbr.value && chart.at01hs.pbr.signal2 == trueMaintainer:
