Pin Bar Signal with SMA, Bollinger Bands, RSI and MACD Filters
This script is designed to identify Pin Bar patterns on a price chart and generate buy/sell signals based on additional filters such as SMA, Bollinger Bands, RSI, and MACD. It also includes optional stop-loss and take-profit levels. Below is a breakdown of the script's functionality:
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**Key Features** 1. **Pin Bar Detection**: - **Bullish Pin Bar**: Lower shadow is at least twice the size of the upper shadow and body. - **Bearish Pin Bar**: Upper shadow is at least twice the size of the lower shadow and body.
2. **Filters**: - **SMA Filter**: Ensures the price is above/below the SMA for buy/sell signals. - **Bollinger Bands Filter**: Ensures the price is below the lower band for buy signals or above the upper band for sell signals. - **RSI Filter**: Ensures RSI is oversold for buy signals or overbought for sell signals. - **MACD Filter**: Ensures the MACD line is above the signal line for buy signals or below for sell signals.
3. **Stop Loss and Take Profit**: - Calculates stop-loss and take-profit levels as a percentage of the entry price. - Visualizes these levels on the chart.
4. **Visual and Audio Alerts**: - Plots buy/sell signals on the chart. - Triggers alerts for buy/sell signals.
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**Inputs** - **Enable/Disable Filters**: Allows users to toggle SMA, Bollinger Bands, RSI, and MACD filters. - **SMA Length**: Period for the Simple Moving Average. - **Bollinger Bands Settings**: Length and standard deviation for Bollinger Bands. - **RSI Settings**: Length, overbought, and oversold levels. - **MACD Settings**: Fast, slow, and signal lengths. - **Stop Loss & Take Profit**: Percentage levels for SL and TP.
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**Calculations** 1. **SMA**: Calculates the Simple Moving Average. 2. **Bollinger Bands**: Computes the basis (SMA), standard deviation, and upper/lower bands. 3. **RSI**: Calculates the Relative Strength Index. 4. **MACD**: Computes the MACD line, signal line, and histogram. 5. **Pin Bar Conditions**: Determines bullish and bearish Pin Bars based on shadow and body sizes.
**Visualization** - **Buy/Sell Signals**: Labels are plotted on the chart for buy/sell signals. - **SMA and Bollinger Bands**: Plotted on the chart if enabled. - **Stop Loss and Take Profit**: Stepped lines are plotted on the chart if enabled.
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**Alerts** - Triggers an alert when a buy or sell signal is detected.
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**Usage** 1. Add the script to your TradingView chart. 2. Customize the input settings (e.g., SMA length, RSI levels, etc.). 3. Enable/disable filters as needed. 4. Monitor buy/sell signals and SL/TP levels on the chart.
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**Example Scenario** - If a bullish Pin Bar forms, the price is above the SMA, below the lower Bollinger Band, RSI is oversold, and MACD line is above the signal line, a buy signal is generated. The script will plot a "BUY" label, trigger an alert, and display the stop-loss and take-profit levels.
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**Improvements** 1. **Additional Filters**: Add more indicators (e.g., Volume, ATR) for better signal confirmation. 2. **Customizable Alerts**: Allow users to customize alert messages. 3. **Backtesting**: Integrate backtesting functionality to evaluate the strategy's performance. 4. **Multi-Timeframe Analysis**: Add support for multi-timeframe analysis.
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This script is a robust tool for traders who use Pin Bars in combination with other technical indicators to make informed trading decisions.
W prawdziwym duchu TradingView autor tego skryptu opublikował go jako open source, aby inwestorzy mogli go zrozumieć i zweryfikować. Pozdrowienia dla autora! Możesz go używać bezpłatnie, ale ponowne użycie tego kodu w publikacji podlega Zasadom Regulaminu. Możesz go oznaczyć jako ulubione, aby użyć go na wykresie.
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