Introduction to the Pin Bar Indicator
The Pin Bar Pattern is one of the most reliable reversal candlestick patterns that traders use. It is a candlestick pattern that signifies price rejections, which can be observed based on the wicks pushing against a certain direction.
The Pin Bar Indicator is a trading tool developed to help traders identify Pin Bar Patterns more easily.
What is the Pin Bar Indicator?
The Pin Bar Indicator is a reversal signal indicator which is based on the Pin Bar candlestick pattern. This indicator automatically identifies pin bar patterns available on the price chart. It then plots a small symbol to indicate the pin bar pattern. It plots the symbol below the candlestick whenever it detects a bullish pin bar pattern. Inversely, it also plots the symbol above the candlestick to indicate a bearish pin bar pattern.
The pin bar signals indicated by the indicator are also identified only when the pattern forms at a price extreme which could make it a potential swing high or swing low.
These pin bar signals can be used as an entry signal or confirmation in confluence with other reversal technical indications.
How the Pin Bar Indicator Works?
The Pin Bar Indicator uses an algorithm which automatically identifies pin bar patterns based on the technical description of a pin bar pattern. Based on the algorithm, the candlestick should be within a preset pip size, the body should not exceed its percentage threshold when compared with the length of the wicks, and the body should form near the high or low of the candle based on another percentage threshold. If the candlestick meets these standards, then the indicator would consider the candlestick as a pin bar pattern.
How to use the Pin Bar Indicator for MT4
The Pin Bar Indicator has several variables which can be modified to adjust its sensitivity for detecting pin bar patterns.
“Depth of pinbars in percents” refers to the percentage threshold the body of the candlestick should form in relation to the wicks of the candle.
“Maximum range” and “Minimum range” adjusts the threshold range in pips which the indicator would still consider possible pin bar patterns.
“Only extremum” toggles the indicator to detect only pin bar patterns on a possible swing high or swing low area.
Buy Trade Signal
When to Enter?
Visually confirm if the pin bar pattern identified by the Pin Bar Indicator is a valid bullish pin bar pattern. If so, open a buy order.
When to Exit?
Set the target on a logical take profit target based on a resistance level.
Sell Trade Signal
When to Enter?
Visually confirm if the pin bar pattern identified by the Pin Bar Indicator is a valid bearish pin bar pattern. If so, open a sell order.
When to Exit?
Set the target on a logical take profit target based on a support level.
Unlike other pin bar indicators, this version of the Pin Bar Indicator has strict thresholds when detecting pin bar patterns. The strict thresholds that this pin bar indicator has causes the indicator to identify only a few possible pin bar patterns. However, this strict threshold also allows the indicator to detect high probability pin bar patterns.
The drawback that this indicator has is that the symbols are very small. Users should look closely to identify the signal symbols.
MT4 Indicators – Download Instructions
Pin Bar Indicator for MT4 is a Metatrader 4 (MT4) indicator and the essence of this technical indicator is to transform the accumulated history data.
Pin Bar Indicator for MT4 provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly. Click here for MT4 Strategies
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How to install Pin Bar Indicator for MT4.mq4?
- Download Pin Bar Indicator for MT4.mq4
- Copy Pin Bar Indicator for MT4.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 4 Client
- Select Chart and Timeframe where you want to test your MT4 indicators
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 4 Client
- Right click on Pin Bar Indicator for MT4.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Pin Bar Indicator for MT4.mq4 is available on your Chart
How to remove Pin Bar Indicator for MT4.mq4 from your Metatrader Chart?
- Select the Chart where is the Indicator running in your Metatrader 4 Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Pin Bar Indicator for MT4 (Free Download)
Click here below to download: