Pinbar Detector

Pinbar Detector (MetaTrader indicator) — tries to detect Pinbars (or "Pin-bar", or "Pin bar") and marks them by placing "smiling face" symbols below the bullish Pinbars and above the bearish Pinbars. It's a pure price action indicator, which isn't using any standard technical indicators in its code. The configuration of Pinbar detection can be modified via the input parameters. Pinbar Detector can issue platform alerts and email alerts on detection. The indicator is available both for MT4 and MT5 versions of the trading platform.

Input parameters:

• UseAlerts (default = true) — tells the indicator to issue platform alert with sound on Pinbar detection.
• UseEmailAlerts (default = false) — tells the indicator to issue an email alert on Pinbar detection. Email should be properly configured in MetaTrader via Tools->Options->Email.
• UseCustomSettings (default = false) — tells the indicator to use custom Pinbar detections parameters described below.
• CustomMaxNoseBodySize (default = 0.33) — maximum allowed body/length ratio for the Nose bar.
• CustomNoseBodyPosition (default = 0.4) — Nose body should be position in top (bottom for bearish pattern) part of the Nose bar.
• CustomLeftEyeOppositeDirection (default = true) — tells the indicator that the Left Eye bar should be bearish for bullish Pinbar, and bullish for bearish Pinbar.
• CustomNoseSameDirection (default = true) — tells the indicator that the Nose bar should be of the same direction as the pattern itself.
• CustomNoseBodyInsideLeftEyeBody (default = false) — tells the indicator that the Nose body should be inside the Left Eye body.
• CustomLeftEyeMinBodySize (default = 0.1) — minimum size of the Left Eye body relative to the bar length.
• CustomNoseProtruding (default = 0.5) — minimum protrusion of the Nose bar relative to the bar length.
• CustomNoseBodyToLeftEyeBody (default = 1) — maximum size of the Nose body relative to the Left eye body.
• CustomNoseLengthToLeftEyeLength (default = 0) — minimum Nose length relative to the Left Eye length.
• CustomLeftEyeDepth (default = 0.2) — minimum depth of the Left Eye relative to its length. Depth is length of the part of the bar behind the Nose.

As you can see on the chart above, the indicator isn't perfect as are the Pinbar pattern itself. It's recommended to try different detection settings to filter patterns according to your own image of the perfect Pinbar. You can use our basic strategy for trading Pinbars, or you can try developing your own, depending on the aggressiveness of your overall Forex trading style. A good idea would be to attach this indicator to long-term timeframes (H1 to W1) on all currency pairs you are comfortable trading in. Then, alerts would let you know once the trading opportunity arises.

Downloads:

Pinbar Detector for MetaTrader 4 in .mq4

Pinbar Detector for MetaTrader 4 in .zip

Pinbar Detector for MetaTrader 5 in .mq5

Pinbar Detector for MetaTrader 5 in .zip

Discussion:

Do you have any suggestions or questions regarding this indicator? You can always discuss Pinbar Detector with the other traders and MQL programmers on the indicators forums.