Pinbar Detector — Forex Indicator for MetaTrader (2024)

FAQs

Pinbar Detector — Forex Indicator for MetaTrader? ›

Pinbar Detector is a MetaTrader indicator that tries to detect Pinbars (also known as "Pin-bar" or "Pin bar") and marks them by placing a "smiling face" symbol below the bullish Pinbars and above the bearish Pinbars. It is a pure price action indicator, which is not using any standard technical indicators in its code.

Introduction Pin bar is a popular price action trading strategy. It is based on quick price... The Pin Bar indicator is a pattern recognition indicator for Forex, Stocks, Indices, Futures, Commodities and Cryptos. The strategy that comes with the Pin Bar pattern is based on price action.

A pin bar pattern consists of one price bar, typically a candlestick price bar, which represents a sharp reversal and rejection of price. The pin bar reversal as it is sometimes called, is defined by a long tail, the tail is also referred to as a “shadow” or “wick”.

What are the most accurate MT4 indicators? The Moving Average (MA), Relative Strength Index (RSI), Bollinger Bands and Moving Average Convergence Divergence (MACD) are among the most accurate MT4 trading indicators.

Pin bars work on all time frames but are especially powerful on the 1 hour, 4hour and daily chart time frames. It is possible to make consistent profits by only trading the pin bar formation, and you can learn more about it in my price action trading course.

Pinbar Detector is a MetaTrader indicator that tries to detect Pinbars (also known as "Pin-bar" or "Pin bar") and marks them by placing a "smiling face" symbol below the bullish Pinbars and above the bearish Pinbars. It is a pure price action indicator, which is not using any standard technical indicators in its code.

An effective pin bar trading strategy would be to wait for the price to retrace about half the distance of the wick. A trader can buy near the 50% retracement of the wick, or simply wait for a breakout and place a buy stop above the pin bar's high. The stop loss would be placed just below the pin bar low.

A bullish pin bar pattern is a candlestick pattern that signals a potential bullish reversal in the market. This pattern is characterized by a single candlestick with a small body that can be either red or green, a long lower shadow, and a short upper shadow.

A bullish pin bar appears at the end of the downward movement or downtrend. It opens within the body of the previous bearish candlestick and has a long lower tail and a small body. The pattern must be confirmed by the bullish candlestick that opens above the closing price of the pin bar.

Which is one of the most accurate trading indicators? The most accurate for trading is the Relative Strength Index. It is considered one of the best momentum indicators for intraday trading. It helps investors identify the shares which are bought and sold in the market.

Where do you put stop loss on a pin bar trade? ›

The best place to set your stop loss on a pin bar trade is above or below the pin bar tail. This is true regardless of the entry strategy you utilize. For a bullish pin bar setup we would place the stop loss just below the pin bar tail.

As a general rule, traders use a ratio of 1:4 or 1:6 when performing multiple timeframe analysis, where a four- or six-hour chart is used as the longer timeframe, and a one-hour chart is used as the lower timeframe.

To sell, they'll look for when the stock hits “resistance,” a price where more traders start selling and the price is more likely to fall. To make judgments like this, you'll want a broker that lets you see order flow.

The first main difference is that the closing price will be shifted toward the top or the bottom of the pin bar candlestick, whereas in the most commonly used doji, the long-legged doji, the body will be located in the middle. Note, however, that there are several types of doji.

A bullish pin bar pattern is a candlestick pattern that signals a potential bullish reversal in the market. This pattern is characterized by a single candlestick with a small body that can be either red or green, a long lower shadow, and a short upper shadow.