Adding an exception to a pin bar indicator

Question

I trade on the 5 min chart, one of my entry triggers is a pin bar. So to speed up my entry process i started looking at pin bar indicators to give me a quick visual confirmation whether a candle is a pinbar or not.

Now here comes my problem, my rules are a bit more strict as to what a valid pin bar actually is. In my rules a bullish pin bar is only valid when it prints on a bullish candle it is never valid when it prints on a bearish candle and vice versa.

//@version=2
study("PIN BAR INDICATOR",overlay=true)

//PIN BAR
body = abs(close-open)
upshadow = open>close?(high-open):(high-close)
downshadow = open>close?(close-low):(open-low)
pinbar_h = close[1]>open[1]?(body[1]>body?(upshadow>0.5*body?(upshadow>2*downshadow?1:0):0):0):0
pinbar_l = open[1]>close[1]?(body[1]>body?(downshadow>0.5*body?(downshadow>2*upshadow?1:0):0):0):0
plotshape(pinbar_h,style=shape.triangledown,color=red)
plotshape(pinbar_l,style=shape.triangleup,color=lime,location=location.belowbar)
plotchar(pinbar_h,text="BEARISH PINBAR",char="",color=red)
plotchar(pinbar_l,text="BULLISH PINBAR",char="",color=lime,location=location.belowbar)

This is the code for a standard pin bar indicator which I'm trying to adapt. As shown in the attached image the encircled pin bars are the ones I'd like to filter out.

Invalid Pin Bars

I have zero experience with programming so instead I went to look for an indicator that fits with my rules, I've gone through quite a few of the community made pin bar indicators on TV but I haven't found any that work the way I want them to. I've also asked my brother who has some experience with programming in Python but still no success yet.

I don't know if it would be better to adapt an existing code or create a new one altogether, from my inexperienced point of view it seems adapting an existing one would be easier.

Answer 1

In PineScript you can detect the candle (bearish or bullish) based on the open & close price.

So if the close is higher than the open price then it's a bullish candle and if the close is lower than open it's a bearish candle.

Find below the indicator in version of 5:

// © Indicator_Wizard

//@version=5
indicator("PIN BAR INDICATOR",overlay=true)


//PIN BAR
body = math.abs(close-open)

upshadow = open>close?(high-open):(high-close)
downshadow = open>close?(close-low):(open-low)

pinbar_h = close[1]>open[1]?(body[1]>body?(upshadow>0.5*body?(upshadow>2*downshadow?1:0):0):0):0
pinbar_l = open[1]>close[1]?(body[1]>body?(downshadow>0.5*body?(downshadow>2*upshadow?1:0):0):0):0


isBullishCandle = close > open
isBearishCandle = close < open


bullishPinBar = isBullishCandle and pinbar_l // and barstate.isconfirmed // remove the comment if you want to confirm on bar close 
bearishPinBar = isBearishCandle and pinbar_h //and barstate.isconfirmed // remove the comment if you want to confirm on bar close 

plotshape(
  series     = bullishPinBar,
  title      = "Buy",
  text      = "BULLISH PINBAR",
  textcolor  =color.lime,
  style      = shape.triangleup,
  location   = location.belowbar,
  color      = color.new(color = color.green, transp = 0),
  size       = size.small
 )

plotshape(
  series     = bearishPinBar,
  title      = "Sell",
  text       = "BEARISH PINBAR",
  textcolor  =color.red,
  style      = shape.triangledown,
  location   = location.abovebar,
  color      = color.new(color = color.red, transp = 0),
  size       = size.small
 )