Pin Bar Indicator for MT5

Introduction to the Pin Bar Indicator

The Pin Bar Pattern is one of the crucial effective reversal signals which relies on candlestick patterns. It is because it indicates price rejection which may be observed by its wicks pushing against a price level. The Pin Bar Indicator is a tool which was developed to assist traders objectively discover pin bar patterns.

What’s the Pin Bar Indicator?

The Pin Bar Indicator is a reversal signal indicator which relies on the Pin Bar candlestick pattern.

This indicator routinely identifies a pin bar pattern and indicates a reversal signal by plotting diamond symbols above and below the candlestick.

This indicator plots a green diamond above the candle and red diamond below the candle at any time when it detects a bullish pin bar pattern. Inversely, it plots a green diamond below the candle and a red diamond above the candle at any time when it detects a bearish pin bar pattern.

These pin bar signals can then be utilized by traders as a reversal entry signal or confirmation in confluence with other technical indications.

How the Pin Bar Indicator Works?

The Pin Bar Indicator has an easy algorithm which detects pin bar patterns based on a technical description of the pin bar pattern. This indicator confirms pin bar patterns by measuring and comparing the body of the candlestick with the entire range of the candle. The body, which is measure as the gap between the open and shut of the candle needs to be below the edge ratio in comparison with the gap between the high and low of the candle. One other qualification that the indicator has is that the body of the candle needs to be either on the upper third or lower third of the range of the candle. If these qualifications are met, then the indicator would qualify the candle as a pin bar pattern. It could then plot the diamond symbols based on whether the body of the candle was on the upper third or lower third of the candle range.

Methods to use the Pin Bar Indicator for MT5

The Pin Bar Indicator has several options which may be modified inside its settings.

“Minimal Bar Spread (in pips)” sets a minimum candle range threshold during which the indicator would detect pin bar patterns.

“Minimal Spread / Body value” sets a minimum ratio between the body and the candle range.

“Use Close Thirds” toggles the upper thirds and lower thirds rule on and off.

Buy Trade Setup

When to Enter?

Open a buy order as soon because the Pin Bar Indicator detects a bullish pin bar pattern in confluence with one other bullish technical indication.

When to Exit?

Close the trade as soon as price motion shows signs of a possible bearish reversal.

Sell Trade Setup

When to Enter?

Open a sell order as soon because the Pin Bar Indicator detects a bearish pin bar pattern in confluence with one other bearish technical indication.

When to Exit?

Close the trade as soon as price motion shows signs of a possible bullish reversal.

Conclusion

This indicator could be a very useful gizmo for confirming a trade entry based on a reversal signal. Traders can effectively use this signal as a trade entry trigger while in confluence with other technical evaluation indications. Nevertheless, traders mustn’t blindly use this indicator as a standalone basis for opening a trade but as a substitute use it along side other trade signals.

MT5 Indicators – Download Instructions

Pin Bar Indicator for MT5 is a Metatrader 5 (MT5) indicator and the essence of this technical indicator is to rework the amassed history data.

Pin Bar Indicator for MT5 provides for a possibility to detect various peculiarities and patterns in price dynamics that are invisible to the naked eye.

Based on this information, traders can assume further price movement and adjust their strategy accordingly. Click here for MT5 Strategies

Beneficial Forex MetaTrader 5 Trading Platforms

#1 – XM Market

Free $50 To Start Trading Immediately! (Withdrawable Profit)
Deposit Bonus as much as $5,000
Unlimited Loyalty Program
Award Winning Forex Broker
Additional Exclusive Bonuses Throughout The Yr

>> Claim Your $50 Bonus Here <<

Click Here for Step-By-Step XM Broker Account Opening Guide

#2 – Pocket Option

Free +50% Bonus To Start Trading Immediately
9.6 Overall Rating!
Mechanically Credited To Your Account
No Hidden Terms
Accept USA Residents

Methods to install Pin Bar Indicator for MT5.mq5 to your MetaTrader 5 Chart?

Download Pin Bar Indicator for MT5.mq5
Copy Pin Bar Indicator for MT5.mq5 to your Metatrader 5 Directory / experts / indicators /
Start or restart your Metatrader 5 Client
Select Chart and Timeframe where you would like to test your mt5 indicator
Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
Right click on Pin Bar Indicator for MT5.mq5
Attach to a chart
Modify settings or press okay
Indicator Pin Bar Indicator for MT5.mq4 is out there in your Chart

Finapress