Pinbar Detector MetaTrader Indicator | FREE Forex Trading Indicator
Pinbar Detector is a MetaTrader indicator that attempts to detect and mark Pinbars (also known as “Pin-bars” or “Pin bars”) by placing a “smiling face” symbol below bullish Pinbars and above bearish Pinbars. It is a price action indicator that does not make use of any standard technical indicators in its code. Pinbar detection can be configured using the indicator’s input parameters. On detection, Pinbar Detector can send platform and email alerts. The indicator is available for both the MT4 and MT5 trading platforms.
- 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.
- CustomNoseBodyPosition (default = 0.4) — Nose body should be positioned in the 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.
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As you can see from the chart above, neither the indicator nor the Pinbar pattern are perfect. It is recommended that you experiment with different detection settings to filter patterns based on your own image of a perfect Pinbar. Depending on the aggressiveness of your overall Forex trading style, you can use our basic strategy for trading Pinbars or try developing your own. Attaching this indicator to long-term timeframes (from H1 to W1) on all currency pairs you are comfortable trading in is a good idea. Then, alerts would notify you when a trading opportunity arises.
Downloads (ver. 1.02, 2017-07-28)
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