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. The configuration of Pinbar detection can be done via the indicator's 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

  • CountBars (default = 0) — the maximum number of bars, on which to detect the pinbars. 0 = all.
  • DisplayDistance (default = 5) — the distance from the candles to the pinbar "smiling face" symbols.
  • 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 detection parameters described below.
  • CustomMaxNoseBodySize (default = 0.33) — maximum allowed body/length ratio for the Nose bar.
    Maximum Nose body size relative to its length
  • CustomNoseBodyPosition (default = 0.4) — Nose body should be positioned in the top (bottom for bearish pattern) part of the Nose bar.
    Nose body position inside its own candle
  • CustomLeftEyeOppositeDirection (default = true) — tells the indicator that the Left Eye bar should be bearish for bullish Pinbar, and bullish for bearish Pinbar.
    Is Left Eye candle opposite to the pattern's direction?
  • CustomNoseSameDirection (default = true) — tells the indicator that the Nose bar should be of the same direction as the pattern itself.
    Is Nose candle in the same direction as the pattern itself?
  • CustomNoseBodyInsideLeftEyeBody (default = false) — tells the indicator that the Nose body should be inside the Left Eye body.
    Is Nose body inside Left Eye body?
  • CustomLeftEyeMinBodySize (default = 0.1) — minimum size of the Left Eye body relative to the bar length.
    Minimum Left Eye body size relative to its candle length
  • CustomNoseProtruding (default = 0.5) — minimum protrusion of the Nose bar relative to the bar length.
    Minimum protrusion of the Nose candle above the high of the Left Eye candle relative to Nose candle length
  • CustomNoseBodyToLeftEyeBody (default = 1) — maximum size of the Nose body relative to the Left eye body.
    Maximum ratio between Nose candle body and Left Eye candle body
  • CustomNoseLengthToLeftEyeLength (default = 0) — minimum Nose length relative to the Left Eye length.
    Minimum ratio of Nose candle length to the Left Eye candle 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.
    Minimum difference between Nose low and Left Eye low relative to Left Eye candle length

Example

Pinbar Detector Indicator Example MetaTrader Chart

As you can see on the chart above, the indicator is not perfect as is the Pinbar pattern itself. It is recommended to try different detection settings to filter patterns according to your own image of a 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 (from H1 to W1) on all currency pairs you are comfortable trading in. Then, alerts would let you know once the trading opportunity arises.

Downloads (ver. 1.02, 2017-07-28)

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

Changelog

1.02 - 2017-07-28

  • Added input parameter DisplayDistance to control the distance from "smiling faces" to candles.

1.01 - 2016-09-18

  • Added input parameter CountBars to limit the number of bars to detect pinbars on.

1.00 - 2011-11-07

  • First release of Pinbar Detector.

Discussion

Warning! If you do not know how to install this indicator, please read the MetaTrader Indicators Tutorial.

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 forum.