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