Pinbar Entries with Candle-Range Targets and Trailing Stops

Summary

This strategy identifies bullish and bearish pinbar-like candles using the candle’s range and the placement of its open and close. It also requires the candle to extend beyond the preceding bar’s high or low. When enabled, the script enters long or short only while flat; long trading is enabled by default, while short trading is disabled. A date filter can restrict when signals are accepted.

Trade targets and initial stop levels are derived from the signal candle’s range and configurable profit and loss multipliers. A trailing stop can be enabled, and the script includes an option to close a position when an opposite signal appears. The supplied document ends partway through its exit logic, so the complete trailing-stop behavior cannot be established from the available text. It gives no backtest settings or performance evidence. The script uses the full-equity quantity setting, and results would depend on market, timeframe, execution costs, and the behavior of the missing exit code.

Key ideas

• Bullish and bearish signals depend on candle body placement and an extension beyond the prior bar’s extreme.
• Entries are allowed only when the strategy is flat and the relevant direction is enabled.
• Target and stop distances scale from the signal candle’s range using configurable multipliers.
• Trailing stops and exits on opposite signals are optional settings.
• The document is truncated before the full exit logic and reports no backtest results.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.