Bookmark and Share
EA NamePinbar Detector
PlatformMT4, MT5
Download MQ4 Format | MQ5 Format
Brief

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.

Pinbar Detector Forex Indicators 1

CustomNoseBodyPosition (default = 0.4) — Nose body should be positioned in the top (bottom for bearish pattern) part of the Nose bar.

Pinbar Detector Forex Indicators 2

CustomLeftEyeOppositeDirection (default = true) — tells the indicator that the Left Eye bar should be bearish for bullish Pinbar, and bullish for bearish Pinbar.

Pinbar Detector Forex Indicators 3

CustomNoseSameDirection (default = true) — tells the indicator that the Nose bar should be of the same direction as the pattern itself.

Pinbar Detector Forex Indicators 4

CustomNoseBodyInsideLeftEyeBody (default = false) — tells the indicator that the Nose body should be inside the Left Eye body.

Pinbar Detector Forex Indicators 5

CustomLeftEyeMinBodySize (default = 0.1) — minimum size of the Left Eye body relative to the bar length.

Pinbar Detector Forex Indicators 6

CustomNoseProtruding (default = 0.5) — minimum protrusion of the Nose bar relative to the bar length.

Pinbar Detector Forex Indicators 7

CustomNoseBodyToLeftEyeBody (default = 1) — maximum size of the Nose body relative to the Left eye body.

Pinbar Detector Forex Indicators 8

CustomNoseLengthToLeftEyeLength (default = 0) — minimum Nose length relative to the Left Eye length.

Pinbar Detector Forex Indicators 9

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.

Pinbar Detector Forex Indicators 10

Example

Pinbar Detector Forex Indicators 11

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.

0 traders reviewed this item, please leave a reply!

About FXYEAH | Broker Listing | Contribute | Contact Us | Sitemap | TagCloud
Disclaimer: All contents of site are only for your reference, don't suggest you do any investment decision, you should be responsible for your decision.